First Gen raises $250-M from bond sale
MANILA, Philippines - Lopez-led First Gen Corp. priced its $250 million 10-year bond float at a fixed coupon rate of 6.5% per annum.
The bonds will mature on October 9, 2023.
"The transaction garnered strong interest from offshore accounts in Asia and Europe, pricing tighter than initial guidance. The proceeds will be used to invest in power projects and general corporate purposes," First Gen said in a disclosure to the stock exchange.
Joint lead managers and joint lead bookrunners for the issue were Deutsche Bank, HSBC and JPMorgan. BDO Capital and Investment and Development Bank of the Philippines served as domestic lead managers.