EDC to issue bonds for debt refinance

In the Philippines, Energy Development (EDC) Corp. will sell up to $210M in retail bonds to help refinance its foreign currency-denominated loans. EDC disclosed that it had sought approval from the country’s Securities and Exchange Commission to issue $125M in retail bonds, with an additional $85M oversubscription option. The company recently bought the Palinpinon-Tongonan geothermal complex in a public auction. EDC had said the Palinpinon-Tongonan acquisition would make it the world’s top geothermal producer. Palinpinon has a capacity of 92.5 MW and Tongonan has a capacity of 112.5 MW.