Philippines' EDC plans $164 mln notes issue

MANILA, April 10 Tue Apr 10, 2012 12:42am EDT

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MANILA, April 10 (Reuters) - The Philippines' largest geothermal power producer, Energy Development Corp, said on Tuesday it had signed an agreement to issue fixed-rate corporate notes to raise 7 billion pesos ($164 million).

Proceeds from the 10-year notes will be used to refinance the firm's existing fixed-rate corporate notes with an average remaining life of about two years, and for general purposes, it told the Philippine Stock Exchange.

EDC has appointed local firms RCBC Capital Corp and SB Capital Investment Corp as issue managers. They will also act as issue arrangers, along with PNB Capital & Investment Corp.

Shares in Energy Development ended the morning session steady in a market that fell 0.6 percent. (Reporting by Erik dela Cruz; Editing by Muralikumar Anantharaman)

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