Geothermal power firm Energy Development Corp. (EDC) has completed the payment of its JY12-billion ($126 million) Miyazawa 1 loan.

In a disclosure to the Philippine Stock Exchange, EDC said it made the bullet payment for the loan last June 1.

It noted that at the time of loan maturity, its "currency exposure was covered by a number of hedging arrangements consisting of range bonus forward and plain vanilla forward contracts."

These contracts have resulted in savings amounting to P209.1 million as of May 28, 2009.

EDC president and chief executive Paul Aquino said they would also hedge their remaining yen-denominated obligations, particularly the JY22-billion Miyazawa 2, to manage their risks.

"Highlights of the various hedging arrangements to be entered into shall be disclosed to the exchange as soon as they are firmed up," he said.

Meanwhile, EDC disclosed that it sold some 19,785 square meters of its Fort Bonifacio property to Philippine National Oil Co. (PNOC) for P1.01 billion last June 1.

The sale of the property, where EDC's headquarters are situated, is part of a land swap arrangement.

"The sale of the remaining portion of the land is to be consummated with the signing of the Deed of Exchange among EDC, the Department of Energy and the Bases Conversion Development Authority, covering a land swap arrangement," EDC said, adding that the transaction will be closed within the year.

At the same time, EDC disclosed that one of its independent directors, Eric Recto, has resigned due to "various commitments."

Recto is the concurrent president of Petron Corp.