First Gen LogoFirst Gen Corporation, through its wholly-owned subsidiary, First Gas Power Corporation which owns and operates the 1,000-megawatt (MW) Santa Rita natural gasfired combined cycle power plant, signed a $500-million, seven-year term loan facility with Bank of Commerce, Bank of the Philippine Islands, BDO Unibank Inc., Philippine National Bank, Security Bank Corporation and Sumitomo Mitsui Banking Corporation Singapore Branch.
The proceeds of the loan will be used to repay the amounts due on First Gas’ existing debt of approximately $243 million. Meanwhile, the net proceeds of the refinancing will be used to pay down a portion of First Gen’s existing loans as well as pre-fund its upcoming maturities.
“The $500-million debt facility is a testimony to the strong support and continuing confidence of our lenders in First Gen’s natural-gas business. First Gen pioneered this business about twenty years ago and it has since reached even greater heights,” said Francis Giles Puno, First Gen president and COO.
According to Puno, First Gen now has 2,011 MW in its natural gas portfolio. The company is also working to deliver the country’s first liquefied natural gas terminal in addition to building more natural gas-fired power plants.
“…We are honored and grateful that our lenders continue to be supportive of our endeavors to deliver clean and cost-efficient power to Filipinos,” Puno said.
First Gen, through its subsidiaries, is the largest producer of natural gas-fired power in the Philippines. All of its natural-gas fired plants are located in the First Gen Clean Energy Complex in Batangas City.