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First Gen prepares for dollar bond offering

By: - Reporter / @amyremoINQ
/ 08:55 PM September 23, 2013

First Gen Corp. has tapped three financial institutions to arrange investor meetings here and overseas prior to a prospective dollar-denominated bond offering.

In a disclosure to the Philippine Stock Exchange Monday, First Gen said it had mandated Deutsche Bank, HSBC and J.P. Morgan to arrange a series of fixed income investor meetings in Manila, Hong Kong and Singapore.

“A Regulation ‘S’ US dollar bond offering may follow, subject to market conditions,” it further reported.

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The company, however, did not provide further details.

First Gen earlier reported a 17.4-percent decline in its net income attributable to equity holders of the parent to $77.7 million in the first half of 2013, from $94 million a year ago.

The company, with its portfolio of 15 power generation plants, is currently one of the biggest players in the industry with an installed capacity of 2,763 megawatts.

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