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MANILA - First Gen Corp. is in talks with local and foreign banks to refinance existing debt within the year.
Francis Giles Puno, First Gen president and chief operating officer, said the firm plans to raise $400 million through a 10-year syndicated term loan.
"Currently, we've sent out some letters and hopefully we can finish it within the year depending on the speed and interest of the banks," said Emmanel Singson, First Gen chief finance officer and treasurer.
First Gen tapped the original loan in 2000 for its San Lorenzo natural gas plant. It will mature by 2014.
"It's still a long way but we just wanted to refinance with the better rates," Singson said.
First Gen has full control of the 1,000-megawatt Sta. Rita and 500-MW San Lorenzo natural gas plants after its buyout of the 40-percent stake held by British Gas Group in those projects.
First Gen is eyeing to grow its gas business, starting with a 300-MW expansion and then doubling the capacity in the next five years, Puno said.
Following the government's issuance of the feed-in tariff rates last month, First Gen will also pursue P10 billion worth of run-on-river hydropower projects in Mindanao, comprising of the 30-MW Puyo project in Agusan del Norte and the 23-MW Bubunawan project in Bukidnon.
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