Philippines hydropower projects refinance debt
The 10-year P18 billion ($375 million) of debt to refinance two DFI-backed hydropower rehabilitation projects in the Philippines signed this month.
The projects - the 105MW Ambuklao hydropower and 140MW Binga hydropower projects in Benguet province - are a joint venture between Philippines-based Aboitiz Power and Norway-based SN Power via SPV SN Aboitiz Power-Benguet.
The unsecured notes facility, which will repay the US dollar-and peso-denominated 2015 project loans from the IFC ($85 million A loan and $15 million C loan), Nordic investment Bank ($60 million), BDO Unibank and Bank of the Philippine Islands (BPI), comprises a P12 billion facility provided by BDO and P6 billion loan put up by BPI. SN Aboitiz would then fund general corporate requirements with the remaining proceeds after the prepayment. Picazo Buyco Tan Fider & Santos provided legal counsel to the lenders while Gatmaytan Yap Patacsil Gutierrez & Protacio acted for the sponsors.
The $375 million 15-year 2015 refinancing of the debt from 2008 was put up by China Banking Corporation, Development Bank of the Philippines, Philippine National Bank, and Security Bank. King & Spalding was the sponsor’s legal counsel.
