To bankroll its power generation investments, Vivant Corp., the power-based holding firm of the Garcia-Escano family of Cebu, has raised as much as P3 billion from a fixed-rate note issuance that was subscribed to by several local banks.
A disclosure to the Philippine Stock Exchange showed on Thursday that Vivant recently signed an agreement to issue P3 billion in fixed-rate corporate notes.
To be issued in two tranches, the net proceeds of P3 billion will be used by the company for its general corporate purposes, including but not limited to its capital expenditures for existing assets and investments in power generation projects.
The offering, according to the company, was fully subscribed by a consortium of local banks composed of China Banking Corp., Development Bank of the Philippines, Metropolitan Bank and Trust Corp., Philippine Savings Bank, Rizal Commercial Banking Corp., and Robinsons Bank Corp.
The facility was solely arranged by First Metro Investment Corp. and will be issued on February 3, 2013.
Early last year, the company said that it is on the lookout for further investment opportunities in the country’s power sector.
”Vivant continues to be on the lookout for investment opportunities in the power industry,” the company earlier told the local bourse.
In October last year, Calamian Islands Power Corp.chose Sta. Clara International Corp. as the contractor for the construction of two power plant projects in Palawan.