Aboitiz Power refinances credit facility

SN Aboitiz Power-Benguet, Inc. refinanced the peso loan component of its existing US$375 million credit facility obtained from a consortium of domestic and international lenders last August 2008.

After refinancing, SN Aboitiz Power-Benguet’s credit facility will be up to US$436.23 million from the remaining lenders: International Finance Corporation, Nordic Investment Bank, Bank of the Philippine Islands, and BDO Unibank, Inc.

The proceeds of the refinancing will be used to partially fund the rehabilitation of the 105 MW Ambuklao Hydroelectric Power Plant (HEPP) and the refurbishment of the 140 MW Binga HEPP, repay existing loans or advances, and for other general corporate purposes.

SN Aboitiz Power-Benguet, Inc., a joint venture between Aboitiz Power Corporation and SN Power AS of Norway, acquired the then 175 MW Ambuklao-Binga HEPP for US$325 million through a competitive bidding conducted by PSALM in November 2007.