MANILA - Philippine power producer Energy Development Corp. (EDC) said on Tuesday it has raised P12 billion ($255 million) from the sale of fixed rate bonds to refinance maturing debt.

EDC, the country's largest geothermal energy producer, sold 5-year bonds at a yield of 8.6418% and 7-year bonds at 9.3327%.

The company said the bonds have been fully taken up by retail and institutional investors ahead of the original closing date on Nov 26.

EDC, a unit of the Philippines' largest privately held power generation firm First Gen Corp., has said it will use proceeds from the offer to refinance its outstanding yen loan, worth about P11 billion, maturing on June 26, 2010.

BDO Capital & Investment Corp., RCBC Capital Corp., BPI Capital Corp. and SB Capital Investment Corp. were the joint lead underwriters of the issue.