The Board of Directors of Energy Development Corp. (PSE: EDC) has approved the Management’s recommendation for an international US$ bond offering in an aggregate principal amount of $300 million. The final terms, size and timing of the bonds’ issuance shall be determined based on prevailing market conditions.
Upon issue, the bonds are intended to be listed on the Singapore Exchange Securities Trading Ltd (SGX-ST). Proceeds from the bond offering are intended to be used to fund the company’s growth projects, capital expenditures, debt servicing requirements, and other general corporate purposes.
Deutsche Bank and JPMorgan Securities Ltd will act as Joint Lead Managers for the transaction.
Energy Development Corp. is a pioneer in the geothermal energy industry with more than three decades of proven business viability. It has helped discover new ways of developing and commercializing renewable energy right at the heart of the resource – wherever the location and whatever the condition.
From exploration and production of water-based steam power to generation of electricity for commercial use, we build some of the world’s pioneering and most complex steam fields banking on our highly skilled manpower and homegrown technology that are fast becoming benchmarks in the industry. EDC has more than 1,400MW under its green power portfolio diversified by the acquisition of a hydropower project and wind power projects in the pipeline.