Philippines: Bac-Man Geothermal Gets Loan for Upgrades

EDC signs P5-b loan agreement (Manila Standard Today)

Bac-Man Geothermal Production Field (Courtesy EDC)

Bac-Man Geothermal Inc., a wholly-owned unit of Energy Development Corp., has signed a P5-billion loan agreement with three local banks to refinance the rehabilitation cost of the Bac-Man geothermal plants and other capital expenditures.

EDC disclosed to the Philippine Stock Exchange Bac-Man Geothermal signed agreements with Bank of the Philippine Islands, BDO Unibank Inc. and Security Bank Corp.

BDO Capital & Investment Corp. acted as sole bookrunner, while BDO Capital & Investment Corp., BPI Capital Corp. and SB Capital Corp. served as joint Lead arrangers of the transaction.

EDC also disclosed the board approved the declaration of a special cash dividend of P0.11 per share to common shareholders of record as of September 23, 2015, payable on or before October 7, 2015.

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