First Gen plans redemption of 2.5% convertibles via syndicated loan

By Jennifer Chiou

New York, March 24 - First Gen Corp. notified the Philippine Stock Exchange in a letter that it plans to raise as much as $200 million through a syndicated loan to redeem its 2.5% convertible bonds due 2013.

At the end of 2009, the company said that the conversion price of the $225 million of bonds was adjusted to PHP 26.94 per share from PHP 42.48 per share, effective Dec. 22. The change was due to a planned rights offering.

Also in the letter, the company announced plans to raise PHP 14 billion this year to refinance debt and to fund the acquisition of a power facility. In addition to the loan, plans also include an issue of PHP 5 billion of preferred shares.

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

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