MANILA, Philippines?The Lopez-led First Gen Corp. has slated its stock rights offering from Jan. 8-14 next year, hoping to raise as much as P15 billion mainly for debt refinancing.

In a disclosure to the Philippine Stock Exchange on Wednesday, First Gen said the offer period will last for five trading days, a week after which the stocks are expected to be listed. Pricing date has been scheduled on Dec. 15, while the proposed record date is on Dec. 29, 2009.

The PSE approved the company?s proposed stock rights offering late last month. However, First Gen said the proposed timetable may still be subject to market and other conditions and may be changed at the discretion of the company.

First Gen plans to list up to 2.77 billion common shares at an offer price that still would have to be determined.

The offer price would be at a discount of between 34 and 68 percent of the volume-weighted average closing price of First Gen?s shares for the five trading days preceding the date of the signing of the underwriting agreement.

Proceeds from the stock rights offer will be used by First Gen for the partial repayment of the group?s existing debt and for general corporate purposes, including working capital and investments.

Domestic underwriters for the planned offering were BDO Capital and Investment Corp. and RCBC Capital Corp. The company?s international underwriter is Deutsche Bank AG (Hong Kong branch).

First Gen added that the underwriters are also still subject to the approval of the PSE.

First Gen earlier said the rights offer would be an ?equitable fundraising option because existing eligible shareholders would have the opportunity to subscribe to their pro-rata shareholding in the company and thus not be subject to dilution.?