SN Aboitiz Power-Benguet Inc. said Tuesday it raised P18 billion from BDO Unibank Inc. and Bank of the Philippine Islands to refinance debt and support other corporate requirements.
Aboitiz Power Corp., the parent firm, said in a disclosure to the stock exchange SNAP-Benguet used the proceeds from the unsecured notes to prepay in full US dollar- and peso-denominated senior project loans to International Finance Corp., Nordic Investment Bank, BDO and BPI.
SNAP-Benguet, a joint venture of Aboitiz Power and SN Power AS of Norway, acquired the 175-megawatt Ambuklao-Binga hydro power plant for $325 million through a bidding conducted by Power Sector Assets and Liabilities Management Corp. in November 2007.
“The remaining proceeds after prepayment will be used to fund the general corporate requirements of SN Aboitiz Power-Benguet Inc,” Aboitiz Power said.
SNAP-Benguet refinanced the peso loan component of the 2008 credit facility in September 2015 amounting to $375 million obtained from a consortium of domestic and international lenders.
The proceeds of the 2015 refinancing was used to partially fund the rehabilitation of the 105-MW Ambuklao hydro power plant and the refurbishment of the 140-MW Binga hydro power plant, repay loans or advances and for other general corporate purposes.
SNAP, which owns and operates the 388-MW Magat hydro on the borders of Isabela and Ifugao; the 8.5-MW Maris hydro in Isabela; and the Ambuklao and Binga hydro power plants, is also developing floating solar and other hydro projects.
It is studying the development of a 67-MW floating solar power project after the initial results of the pilot 200-kilowatt floating solar project over the Magat reservoir in Isabela showed positive results.
SNAP is also developing the $550-million 390-MW Alimit hydropower complex in Ifugao province.