MANILA, Philippines - Lopez-led power producer First Gen Corp. is raising up to P10 billion through the issuance of preferred shares to fund expansion and repay debts.
In a disclosure to the Philippine Stock Exchange, First Gen said it launched on Tuesday the offer via private placement of 100 million shares at P10 each. The dividend rate for the shares was set at 8% per annum.
The offer period will run until July 20, Wednesday, with issue date scheduled on July 25.
First Gen appointed BDO Capital & Investment Corp. as issue manager and lead arranger of the offer. Standard Chartered Bank and RCBC Capital Corp. are co-arrangers.
Last week, First Gen said its parent firm First Philippine Holdings Corp. would subscribe to up to P6 billion worth of its Series F preferred shares.