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MANILA - TeaM Energy Corp. secured a $220 million loan from Security Bank Corp. and Metropolitan Bank and Trust Co.
In a statement, SB Capital Investment Corp. said it arranged the 12-year mezzanine loan facility, which TeaM Energy will use to refinance a loan from PPF Co. B.V. TeaM Energy tapped PPF to acquire Mirant Asia Pacific Ltd. in 2007.
The SB Capital loan syndication marked the first time TeaM Energy obtained a loan from Philippine lenders.
“The mezzanine lenders welcome the opportunity to support Team Energy’s projects to produce reliable and stable energy sources. We are pleased to be a partner in efforts to develop a strong energy sector which is a key driver in our country’s economic growth,” siad Alberto Villarosa, president of Security Bank.
TeaM Energy is a joint venture between two Japanese companies, Marubeni Corp. and Tokyo Electric Power Co.
TeaM Energy is one of the largest independent power producers in the Philippines, with over 2,000 megawatts of installed generating capacity, including the 1,218-megawatt Sual and the 735-megawatt Pagbilao coal-fired power plants. Both power plants have contracts to sell their output to state-owned National Power Corp.
“The new mezzanine loan facility is Team Energy’s maiden fund-raising exercise from the domestic market. Notwithstanding the subordinated nature of the loan, the $220 million mezzanine facility achieved a successful financial close amidst a very tight timetable,” said Toshiro Kume, executive vice president and chief finance officer of TeaM Energy.
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