Manila Electric announces PHP 12 billion private placement of notes

By Laura Lutz

Des Moines, Nov. 14 - Manila Electric Co. (Meralco) plans to complete a PHP 12 billion private placement of seven-year corporate notes.

BDO Capital & Investment Corp., BPI Capital Corp., China Banking Corp., Development Bank of the Philippines, PCI Capital Corp. and PNB Capital and Investment Corp. will act as joint managers and underwriters.

The company plans to issue the notes to no more than 19 qualified institutional investors.

Settlement is expected Dec. 14.

Proceeds will be used to refinance existing loans and for working capital.

Meralco is a power company based in Manila, the Philippines.

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