Source: First Gen unit seeking to sell $110-M bonds


Posted at Jun 03 2008 12:04 PM | Updated as of Jun 03 2008 08:04 PM


HONG KONG - Unified Holdings, a unit of Philippines' power producer First Gen, is looking to sell $110 million in three-year bonds, a source with knowledge of the plans said on Monday.

Unified will finalise details behind its offering later this week, said the source, who asked not to identified because he could not talk publicly about the transaction.

"The tenor and the size are there. What has not been released is the guidance," said the source.

"We are working on documentation and the (pricing) level. Both those things will be fine-tuned probably in the latter half of the week."

Unified, which is currently unrated, has been seeking to sell the bonds to partly finance short-term obligations amounting to $400 million, chief finance officer Giles Puno at parent First Gen told Reuters late last month.

Deutsche Bank and JPMorgan are the underwriters for the deal.