AboitizPower Corp. said on Friday that its unit Therma Power Inc. (TPI) had prepaid $320 million worth of loans drawn from various lenders under a facility agreement signed last year. In a disclosure to the local bourse, AboitizPower said TPI “prepaid a total amount of USD320 million of loans drawn from various lenders under the Facility Agreement dated November 24, 2016.”AboitizPower said TPI used internally generated funds. Last year, AboitizPower signed an agreement with Bank of Tokyo-Mitsubishi UFJ, Ltd., DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd., Maybank Kim Eng Securities Pte. With the completion of the acquisition, TPI now has a 66.1 percent beneficial ownership interest in GNPower-Mariveles and a 40 percent beneficial ownership interest in GNPower – Dinginin, AboitizPower said. TPI, a wholly owned subsidiary of AboitizPower, is the holding company for the Aboitiz Group’s investments in non-renewable energy.

Source: Manila Times December 29, 2017 17:26 UTC