Energy Development Corp. (EDC) has approved the public offering, issuance and listing of the second tranche of the latter’s shelf-registered Asean Green Bond program, according to First Gen Corp.
In a disclosure to the Philippine Stock Exchange yesterday, the company said this is EDC’s second tranche for the program comprised of up to P10 billion fixed rate bonds subject to the approval of the Securities and Exchange Commission and the Philippine Dealing and Exchange Corp.
Erwin Avante, EDC chief finance officer, said proceeds of the fund raising will likely be utilized to finance growth projects of the company.
The company has seven ongoing projects but is yet to decide where the proceeds of the bond program will be specifically used. -Jed Macapagal
