Ayala-Aboitiz consortium inks $800M debt note deal
GNPower Mariveles Coal Plant Ltd. Co. (GMCP) executed a $800 million notes facility agreement with five banks.
GMCP is a partnership among AC Energy, Aboitiz Power subsidiary Therma Power, and Power Partners.
The five banks are BDO Unibank, China Banking Corp., Land Bank of the Philippines, Security Bank,and Philippine Bank of Communications.
BDO Capital & Investment Corp. was the sole lead arranger of the transaction.
Proceeds will be used to, among others, refinance GMPC’s existing loans and for other general corporate purposes.
GMPC is currently building a 2×660-megawatt (MW) supercritical coal-fired power plant in Mariveles, Bataan, of which the first 660 MW unit is slated for commercial operations in the second half of 2019.