first-gen-cb-upsized-to-260-million

First Gen CB upsized to $260 million

The Philippine power producer tackles an unfavourable market to refinance debt raised for an earlier acquisition.
Independent Filipino power producer Fist Gen has raised $260 million from a convertible bond that will be used to pay off more expensive debt taken up in connection with the acquisition of a majority stake in PNOC-EDC in November.

A First Gen-led consortium, that also included Netherlands-based Spalmare and Prime Terracota, paid about $1.4 billion for the governmentÆs remaining stake in PNOC-EDC after winning a competitive auction. The acquisition gave them 40% of the equity and 60% of the voting power in the countryÆs largest geothermal power producer.

The CB was initially launched at a base size of $225 million with an upsize option of $75 million, of which $35 million was immediately...
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