First Gen sells assets to cut debt burden

The highly leveraged power generator raises $105 million by selling 60% of its hydro-power unit to affiliate EDC.

Philippine power producer First Gen Corp has sold a majority stake in its wholly owned hydro-power subsidiary to another one of its units, reaping total cash proceeds of about $105 million. The money will be used to pay down debt, a key priority for First Gen which is highly leveraged and has bridge loans of just over $410 million coming due next month.

Concern about its ability to re-finance this debt has kept the companyƆs share price under pressure and...

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