SNAP secures P18B refinancing

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    Aboitiz Power Corp. said that its affiliate, SN Aboitiz Power-Benguet Inc. (SNAP-Benguet) obtained an P18- billion financing through the issuance of unsecured notes facility from BDO Unibank, Inc. and Bank of the Philippine Islands (BPI).

    The company said that proceeds will be utilized to prepay in full SNAP-Benguet’s US dollar- and peso-denominated senior project loans to International Finance Corp., Nordic Investment Bank, BDO and BPI.

    Meanwhile, the remaining amount after the prepayment will be used to fund general corporate requirements.

    SNAP is a joint venture between AboitizPower and SN Power AS of Norway.