First Gen plans preferreds to fund 2.5% convertibles' 2011 put option

By Marisa Wong

Madison, Wis., Nov. 22 - First Gen Corp. said it will issue up to PHP 7 billion of series F preferred shares to fund payment of its $260 million 2.5% convertible bonds due 2013, which have a put option in February.

The preferreds are expected to be issued by the first quarter of 2011.

Proceeds of the issuance will also be used to fund the company's power-related projects and investments.

First Gen is a Pasig, Philippines-based power generation company.

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