Philippines-based First Gen secures $500m debt facility

The seven-year term loan facility is with 6 banks.

DealStreetAsia reported that Philippine-listed power generation firm First Gen Corp said Monday that it has completed its refinancing – raising a $500 million debt facility – from six banks. 

First Gen made the transaction through its wholly-owned subsidiary First Gas Power Corp, which signed the $500 million seven-year term loan facility with the Bank of Commerce, Bank of the Philippine Islands, BDO Unibank Inc, Philippine National Bank (PNB), Security Bank Corp, and Sumitomo Mitsui Banking Corp Singapore Branch. First Gas owns and operates the 1,000 MW Santa Rita natural gas-fired combined cycle power plant.

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