Amy R. Remo
Philippine Daily Inquirer
MANILA, Philippines—The Energy Development Corp., the country’s largest geothermal energy producer, closed on Monday a six-year $175-million transferable syndicated term loan facility with seven foreign banking groups.
In a disclosure to the Philippine Stock Exchange, EDC said it would use the proceeds of the loan solely to refinance the company’s existing three-year $175-million transferable syndicated term facility maturing on June 2013.
The new loan, EDC said, effectively lengthened the remaining life of the existing facility to six years from two years and has substantially lowered interest costs.
The total firm underwritten commitment received from the seven banks was in excess of $600 million, three times more than the target amount.
Read here
Philippine Daily Inquirer
MANILA, Philippines—The Energy Development Corp., the country’s largest geothermal energy producer, closed on Monday a six-year $175-million transferable syndicated term loan facility with seven foreign banking groups.
In a disclosure to the Philippine Stock Exchange, EDC said it would use the proceeds of the loan solely to refinance the company’s existing three-year $175-million transferable syndicated term facility maturing on June 2013.
The new loan, EDC said, effectively lengthened the remaining life of the existing facility to six years from two years and has substantially lowered interest costs.
The total firm underwritten commitment received from the seven banks was in excess of $600 million, three times more than the target amount.
Read here
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