Manila Electric plans up to $463 mln local bond issue
MANILA, Sept 23
MANILA, Sept 23 (Reuters) - Manila Electric Co (Meralco) , the Philippines' largest power utility, said on Monday it is looking to raise up to 20 billion pesos ($463 million) to refinance existing debt.
Meralco said in a filing to the stock exchange its board of directors approved the long-term peso bond offering. It did not give any timeframe for the issue or other details.
Early this month, Meralco said it might consider a dollar bond sale to finance capital expenditures once market conditions become favorable.
Meralco is controlled by Hong Kong-listed conglomerate First Pacific Group via unlisted Beacon Electric Asset Holdings Inc. It is also partly owned by the country's most diversified conglomerate San Miguel Corp.
($1 = 43.2 Philippine pesos)
(Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)
- Air strike kills 15 civilians in Yemen by mistake: officials
- Pope attacks mega-salaries and wealth gap in peace message
- Probation for drunk Texas teen driver who killed four sparks backlash
- North Korea says Jang Song Thaek, uncle of leader Kim Jong Un, executed
- Atheists face death in 13 countries, global discrimination: study