MANILA, Dec 10 (Reuters) - Manila Electric Co, the Philippines' biggest electricity distributor, said on Thursday it has raised 5.5 billion pesos ($119 million) from the sale of fixed and floating rate notes to fund general corporate needs.
The sale included 1.6 billion pesos in fixed rate 2014 notes and 3.9 billion pesos in floating rate 2015 notes, priced 125 basis points and 110 basis points, respectively, over comparable government paper, the company told the Philippine Stock Exchange.
'The notes will be issued on December 14 and proceeds will be used for Meralco's corporate funding requirements,' the power firm said.
First Metro Investment Corp, SB Capital Investment Corp and Insular Investment and Trust Corp were the arrangers.
Meralco, owned by San Miguel Corp and the group of Philippine Long Distance Telephone Co, said in October it was planning to raise 11 billion pesos from various lenders this year to refinance maturing debt.
The company said its outstanding debt stood at 20.204 billion pesos as of Oct. 31.
Meralco shares, up 243 percent so far this year thanks to the battle for control between San Miguel and the PLDT group, rose 2 percent to 204 pesos at 0338 GMT.
($1 = 46.12 pesos) (Reporting by Karen Lema; Editing by Lincoln Feast) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: MERALCO/ (karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The sale included 1.6 billion pesos in fixed rate 2014 notes and 3.9 billion pesos in floating rate 2015 notes, priced 125 basis points and 110 basis points, respectively, over comparable government paper, the company told the Philippine Stock Exchange.
'The notes will be issued on December 14 and proceeds will be used for Meralco's corporate funding requirements,' the power firm said.
First Metro Investment Corp, SB Capital Investment Corp and Insular Investment and Trust Corp were the arrangers.
Meralco, owned by San Miguel Corp and the group of Philippine Long Distance Telephone Co, said in October it was planning to raise 11 billion pesos from various lenders this year to refinance maturing debt.
The company said its outstanding debt stood at 20.204 billion pesos as of Oct. 31.
Meralco shares, up 243 percent so far this year thanks to the battle for control between San Miguel and the PLDT group, rose 2 percent to 204 pesos at 0338 GMT.
($1 = 46.12 pesos) (Reporting by Karen Lema; Editing by Lincoln Feast) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: MERALCO/ (karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
