MANILA, Philippines - First Gen Corp. has signed a $142-million loan with a consortium of foreign and commercial banks.

In a disclosure to the Philippine Stock Exchange on Monday, First Gen, a renewable energy company, said that the 6 to 7-year floating term loan was arranged by issue manager and sole bookrunner BDO Capital & Investment Corp.

The loan has a grace period of up to 36 months from drawdown, which First Gen can avail of until February 28, 2011.

"Proceeds from the loan will be used to fund investments, finance capital requirements for various growth initiatives of the company, partially refinance outstanding indebtedness, and fundother general corporate purposes," said Rachel Hernandez, corporate secretary of First Gen.

The members of the consortium include Banco de Oro, Security Bank, Bank of the Philippine Islands, Mizuho Corporate Bank, Maybank, Rizal Commercial Banking Corp., Union Bank of the Philippines, Mizuho Corporate Bank, Allied Bank Corp. and Robinsons Savings Bank.

Shares of First Gen rose by 1.9% to P11.28 a piece on Monday.