Energy Development plans notes, retail bonds for expansion, repayment

By Jennifer Chiou

New York, June 19 - Energy Development Corp. announced that it will issue a combination of fixed-rate notes and retail bonds. Proceeds will be used to pay off debts and fund expansion.

The company said in a letter of clarification to the Philippines Stock Exchange that the exact combination has not yet been fully determined.

Previously, Giles Puno, chief financial officer of First Gen Corp., the company's parent, indicated that the issue was to be PHP 3 billion to PHP 5 billion of notes in a private placement and another PHP 3 billion of bonds to individual investors.

Energy Development said it will provide full details of the different financing arrangements as soon as they are firmed up.

The producer of geothermal energy is based in Taguig City, Philippines.

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