Philippines' Energy Development increases retail bond offering to PHP 12 billion with greenshoe

By Jennifer Chiou

New York, Nov. 5 - Energy Development Corp. announced that it augmented its planned offering of fixed-rate retail bonds to a total of PHP 12 billion from PHP 10 billion.

The company originally planned to issue PHP 6 billion of the bonds with an over-allotment option for PHP 4 billion of additional bonds.

On Sept. 25, the company filed a registration statement with the Securities and Exchange Commission for the issue.

As already noted, the issue will be split into two tranches, with the first tranche having a 51/2-year term and the other with a seven-year term.

Proceeds will go toward partially refinancing the company's outstanding foreign currency denominated notes as well as for general corporate purposes.

The producer of geothermal energy is based in Taguig City, the Philippines.

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