MANILA - Lopez-led Energy Development Corp. (EDC) is expecting to raise P10 billion through the sale of 5.5- and 7-year fixed-rate bonds as it pays off debts due next year.

At the roadshow of the bond issue on Thursday, EDC Chief Financial Offier Regina Go said the bond float will help the company build up cash for its P11-billion Miyazawa II loan.

"There's an almost one-to-one ratio with Miyazawa II and the expected proceeds from the bond issue," Go said, adding that the company wants to free up funds for its expansion plans.

The bond issue, which remains subject to the approval of the Securities and Exchange Commission, is aimed to be completed by November 2010. EDC has tapped BDO Capital and Investment Corp. as the lead underwriter and sole bookrunner for the bond float.

According to BDO Capital Preisdent Ed Francisco, EDC's bond issue has generated hefty interest from domestic investors, even as the roadshow has yet to be completed in Cebu and Davao.

"There's a big amount of interest here, there's no way this will not succeed," Francisco said.