SN Aboitiz Power-Benguet Inc. (SNAP-Benguet) said on Friday it refinanced the peso-loan component of its $375-million credit facility obtained from foreign and domestic lenders in 2008.
After refinancing, the company’s credit facility will be up to $436.23 million from the remaining lenders, such as International Finance Corp., Nordic Investment Bank, Bank of the Philippine Islands and BDO Unibank Inc.
The proceeds of the refinancing will be used to partly fund the rehabilitation of the 105-megawatt (MW) Ambuklao-Binga hydroelectric power plant (HEPP) in Bokod, Benguet; the refurbishment of the 140-MW Binga hydro plant in Itogon, Benguet; and repay other existing loans. SNAP-Benguet is a joint venture between Aboitiz Power Corp. and SN Power AS of Norway.
In November 2007 SNAP-Benguet won the public bid for the Ambuklao and Binga HEPPs, which were sold as a package under the power sector privatization program of the Philippine government.
SNAP-Benguet offered a bid price of $325 million and took over operations on July 10, 2008. The dams remain government-owned.