Philippine Energy Development Corp prices USD 300m bonds at 6.5%

(ADPnews) - Jan 14, 2011 - Philippines' geothermal energy producer Energy Development Corp (PSE:EDC), or EDC, said Friday it had priced its USD-300-million (EUR 225m) ten-year bond issue at a 6.5% yield.

Thomson Reuters' unit IFR reported that demand for the bonds, which would be listed on the stock market in Singapore, exceeded USD 1 billion.

EDC plans to use the funds from the sale to finance its projects as well as for capital expenditures, debt repayment and other corporate purposes, it had said earlier.

Deutsche Bank (ETR:DBK) and JPMorgan Securities acted as joint lead managers for the issue.

(USD 1.0 = EUR 0.750)

Choose your newsletter by Renewables Now. Join for free!