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Friday, March 29, 2024

Hedcor to issue P4.1-b notes

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Aboitiz Power Corp.’s subsidiary Hedcor Sibulan Inc. executed a notes facility agreement with a consortium of note holders for the issuance of fixed-rate corporate notes worth P4.1 billion.

Aboitiz Power said in a disclosure to the stock exchange Friday that Hedcor would use the proceeds of the notes issuance, “among others, to finance the partial redemption of HSI’s redeemable preferred shares pursuant to its capital management program and to fund other general corporate purposes.”

First Metro Investment Corp. acted as issue manager and bookrunner, while Metropolitan Bank and Trust Co. acted as facility and paying agent.

Hedcor is the project company for the 16.3-megawatt Sibulan Hydro A plant, 26.2-MW Sibulan Hydro B plant and the 6.7-MW Tudaya 1 plant.

Aboitiz Power, together with wholly-owned subsidiary Aboitiz Renewables Inc., effectively owns 100-percent interest in Hedcor Sibulan.

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The Sibulan hydro plants located in Sta. Cruz, Davao del Sur have been generating 42.5 MW of clean and renewable energy for Davao since 2010.

The first of two cascading plants, Sibulan A produces 16.3 MW and the water it utilizes is re-used in the Sibulan B hydro that produces 26.2 MW.

The Tudaya 1 plant is also located in Sta. Cruz, Davao del Sur and operates the upstream of the Sibulan hydro plant A harnessing the Baroring creek.

Hedcor also owns and operates run-of-river hydro power plants in Benguet, Mountain Province and Davao del Sur. Its power plants combine for around 185 MW of clean and renewable energy.

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