Meralco plans up to P20-B local bond issue
MANILA - Manila Electric Co (Meralco), the Philippines' largest power utility, said on Monday it is looking to raise up to P20 billion ($463 million) to refinance existing debt.
Meralco said in a filing to the stock exchange its board of directors approved the long-term peso bond offering. It did not give any timeframe for the issue or other details.
Early this month, Meralco said it might consider a dollar bond sale to finance capital expenditures once market conditions become favorable.
Meralco is controlled by Hong Kong-listed conglomerate First Pacific Group via unlisted Beacon Electric Asset Holdings Inc. It is also partly owned by the country's most diversified conglomerate San Miguel Corp.