Aboitiz affiliate to borrow $800M to refinance loans

Aboitiz Power Corp. on Wednesday said its affiliate, GNPower Mariveles Coal Plant Ltd. Co. (GMCP), would borrow $800 million to refinance existing loans.

AboitizPower subsidairies Therma Mariveles Holdings Inc. and Therma Mariveles Camaya B.V. are part of the partnership behind GMCP.

Other partners include Mariveles Coal Project GP Corp. and Power Partners Ltd. Co., as well as AC Energy Holdings Inc. affiliates Arlington Mariveles Philippines GP Corp. and Arlington Mariveles Netherlands Holdings B.V.

GMCP was formed to develop, finance, build, operate and own a two-unit power plant in Mariveles, Bataan, which runs on pulverized coal and have a combined generating capacity of 690 megawatts.

The consortium of noteholders for GMCP’s borrowing include BDO Unibank, Inc., China Banking Corp., Land Bank of the Philippines, Security Bank Corp. and Philippine Bank of Communications.

BDO Capital & Investment Corporation is the sole mandated lead arranger.

AboitizPower said in a statement that the proceeds of the notes would be used by GMCP to refinance its existing loans as well as for other general corporate purposes. —RONNEL W. DOMINGO