First Gen announces full repayment of P3.75-B loan from BdO

First Gen Corporation has fully repaid its five-year loan facility of up to P3.75 billion from Banco de Oro Unibank, Inc., BDO Leasing and Finance, Inc., and BDO Private Bank, Inc., the company said Wednesday. The Lopez-controlled power firm said in a disclosure to the Philippine Stock Exchange that it prepaid the loan from May 2010 using the proceeds from the $420-million, 10-year term loan facility of FGP Corp., the owner of the 500-megawatt San Lorenzo natural gas-fired power plant in Batangas. FGP, a unit of First Gen, earlier signed a 10-year, $420-million term loan facility with Bank of the Philippine Islands, BDO Unibank Inc., Philippine National Bank, Rizal Commercial Banking Corp., Security Bank Corp., HSBC and Union Bank of the Philippines, with the proceeds used to repay its debts and that of its parent firm. The proceeds were also used to fund its 500-MW San Gabriel natural gas power plant expansion in Batangas. FGP and affiliate First Gas Power Corp. own and operate the San Lorenzo and 1,000-MW Santa Rita natural gas-fired power plants, both in Batangas City. The plants comprise First Gen’s natural gas portfolio. First Gen also posted a net income of $147 million in the first three quarters of the year, compared to $10.1 million for the same period in 2011. The huge rise in income is attributed to the higher profitability of affiliates Energy Development Corp., FG Hydro Corp., First Gas Power Corp. and FGP Corp. The company said revenues during the period also rose 15.2 percent year-on-year to $1.179 billion. — BM, GMA News