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Energy Development Corp.
inacept ko ang tender offer. end of Sept pa settlement date at not even sure if ma ssettle 100%. ave. ko dito is 6.2
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...EDC out of Index, RRHI in Tongue

EDC booted out of PSE main index

LOPEZ-led Energy Development Corp. (EDC) has been kicked out of the benchmark Philippine Stock Exchange (PSE) index after its public float dropped below the 12-percent minimum requirement to qualify as a main index constituent.

EDC will be replaced by Robinsons Retail Holdings Inc. (RRHI), the retailer arm of the Gokongwei family.

RRHI, which was listed in November 2013, is the fifth stock from the Services sector that forms the PSE index. RRHI will be included in the index effective September 28, the PSE said.

Philippines Renewable Energy Holdings Corp. (PREHC) last month made a tender offer to buy a significant chunk of EDC shares, which will result to a decrease in its public float.

PREHC is buying only 8.9-billion common shares out of the total tender offer of 10.47-billion common shares. Upon completion of the tender offer, the bidder will own approximately 31.7 percent of EDC’s outstanding voting shares.

After the deal, EDC’s public float will be at 11 percent.


source: https://businessmirror.com.ph/edc-booted...ain-index/
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[Image: edc.png?w=736]
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Akala ko madedelist na eto kaya nagbenta ako neto dati
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3-23

Energy Development Corp secures $90-million funding from IFC

MANILA - Energy Development Corp said Friday it signed a $90-million financing agreement with the International Finance Corp to help fund portions of its capital expenditures this year.

The capital expenditures include restoration works on a geothermal plant in Leyte that was damaged by an earthquake, EDC told the stock exchange.

EDC operates a 1,472-megawatt portfolio of renewable energy projects in the Philippines including geothermal, hydro, wind and solar.


source: http://news.abs-cbn.com/business/03/23/1...g-from-ifc
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4-2

EDC sets P4.29-B spending for 2018  

LOPEZ-LED Energy Development Corp. (EDC) has programmed P4.29 billion in capital expenditures (capex) for this year, with most of the funds to be used for improving the geothermal facilities of its subsidiaries.

In a detailed information statement, EDC told the stock exchange that the “total 2018 budget for capital expenditures amounts to approximately P4.29 billion.”

The listed firm said about P4.16 billion, or about 96.97 percent of this year’s budget, will be allocated for acquisitions to support the operations and maintenance requirements of the following segments: Leyte Geothermal Business Unit, Negros Island Geothermal Business Unit, Bacon-Manito Geothermal Business Unit, and Mt. Apo Geothermal Business Unit.

“This amount is mainly for power plant and steamfield reliability improvement in said business units,” it added.

EDC has geothermal power sites in the Bicol Region, Leyte Province, Negros Island, and in Kidapawan, Mindanao. It holds 15 geothermal contracts with the Department of Energy (DoE).

At present, the company owns and operates the Unified Leyte plants consisting of the 125-megawatt (MW) Upper Mahiao, 180-MW Mahanagdong, 232-MW Malitbog and 51-MW optimization plants.

Through its units, it also runs the 172.5-MW Palinpinon and 112.5-MW Tongonan 1 geothermal power plants in Negros Oriental and Leyte, respectively; the 150-MW Bac-Man Geothermal Power Plant in Bacon, Sorsogon City and Manito, Albay in Bicol; and the 52-MW Mindanao 1 and 54-MW Mindanao 2 geothermal power plants in Kidapawan.
 
The remaining P130 million, or 3 percent of the budget, will go to “investments in First Gen Hydro, Wind Ilocos Norte Business Unit, Latin America, geothermal, wind and solar expansions, and Head Office.”

Last month, EDC secured a $90-million (P4.71 billion) financing facility from the International Finance Corp. (IFC) to fund a portion of its capex for this year.

The company said it signed a 15-year financing agreement with the IFC for an amount in Philippine pesos equivalent to $90 million.

It added the programmed capex includes restoration works on its geothermal power plants in Leyte which were affected by the 6.5 magnitude earthquake that struck Leyte Island in July 2017.

EDC is part of First Gen Corp., which has the largest portfolio of power plants using clean and renewable technology in the Philippines.

As of December 2017, EDC and its units own and operate a diversified portfolio of renewable energy projects (RE) in the country with a total installed capacity of 1,472 MW, including geothermal, hydro, wind and solar projects.

Shares of EDC slipped slightly on Wednesday, down 0.18 percent to close at P5.59 each.


source: http://www.manilatimes.net/edc-sets-p4-2...18/389980/
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7-4

IFC says 'green bonds' to boost Energy Development Corp

MANILA -- The International Finance Corp said it issued the Philippines' first 'green bonds' to help finance projects of its client, Energy Development Corp.

The peso-denominated notes are worth $90 million and will mature in 15 years, according to the IFC, a member of the World Bank group.


source: http://news.abs-cbn.com/video/business/0...pment-corp
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7-13

EDC to obtain P11.5-billion loan facility

ENERGY Development Corp. (EDC) has secured on Thursday approval from its board of directors to obtain three-year loan facilities with various local banks for a total amount of P11.5 billion, the Lopez-led company told the stock exchange on Thursday.

The loan facilities will be partly used to refinance its $80-million club loan, it said.

Aside from dollar-denominated loan, which translates to around P4.2 billion in the local currency, EDC said it will use the proceeds “to fund a portion of its capital expenditure program, and for other general corporate purposes.”

“These are peso loans so no forex risk,” said Erwin O. Avante, EDC vice-president and head for corporate finance, in a text message.

He also said the loan facilities are targeted to be obtained within the third quarter of this year. EDC — the country’s largest geothermal and wind energy company — declined to disclose additional details of the planned borrowing.

In May, Mr. Avante said EDC had allocated a capital expenditure of P6.1 billion for 2018, around the same as the previous year’s.

He said the company had “growth projects” up until 2014 and 2015, but the outlay had since been for existing operations.

“I think the bigger chunk here is the drilling. We’re looking at drilling I think three wells if I’m not mistaken this year. That’s in the program. That’s over a billion already,” he said.

EDC expects this year’s revenues and profit to be flat, a positive development for the company that ended the first quarter with a double-digit decline in top- and bottom-line figures.

In the first quarter, it posted consolidated revenues of P8.18 billion, down 15% from the level a year ago. Its consolidated recurring net income attributed to equity holders of the parent firm was at P1.81 billion, lower by 44% from a year earlier.

Including non-recurring items, EDC reported a consolidated net income attributable to equity holders of P1.34 billion, or less than half of last year’s P3.09 billion. Net income was down by 54% to P1.5 billion from P3.26 billion, although the company said its financial position remained strong with a cash balance of P14.27 billion.


source: http://bworldonline.com/edc-to-obtain-p1...-facility/
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8-8

...magdedelist na sa PSE si EDC 

Subject of the Disclosure
EDC Board Approval of Voluntary Delisting Tender Offer

Background/Description of the Disclosure
We advise that the Board of Directors of ENERGY DEVELOPMENT CORPORATION (the Company) approved today the voluntary delisting (the Delisting) of the common shares of the Company from the Main Board of the Philippine Stock Exchange, Inc. (PSE) and, in relation thereto and in accordance with the delisting rules of the PSE, the conduct by the Company of a tender offer for up to 2,040,006,713 common shares held collectively by all shareholders of the Company other than Red Vulcan Holdings Corporation (Red Vulcan), First Gen Corporation (First Gen), Northern Terracotta Power Corp. (NTPC), and Philippines Renewable Energy Holdings Corporation (PREHC), at the tender offer price of Seven and 25/100 Pesos (P7.25) per common share, subject to certain terms and conditions as now or hereafter set forth by the Company.

The Tender Offer Report (in the form of SEC Form 19-1, including its annexes, exhibits and schedules) will be filed with the Securities and Exchange Commission and the PSE on or before the commencement of the tender offer on 25 September 2018. It shall contain, among others, the terms and conditions of the tender offer. Copies of the Tender Offer Report and the relevant tender offer materials will be sent to each common shareholder separately.

source: http://edge.pse.com.ph/openDiscViewer.do...KsLkJ.dpbs
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8-9

...follow on news sa delisting ni EDC

EDC delisting from PHL stock exchange

ENERGY Development Corp. (EDC) said its board of directors had approved on Wednesday the voluntary delisting of the Lopez-led company’s common shares from the main board of the Philippine Stock Exchange (PSE).

In a disclosure to the exchange, the renewable energy company said it would conduct a tender offer for up to 2,040,006,713 common shares at P7.25 each that are held collectively by the public.

“The intention to eventually delist EDC was shared with the market last year and the tender offer that our board has approved today presents a meaningful opportunity for our minority shareholders to realize their investment prior to the delisting of the company, at a significant premium to the current share price,” EDC President and Chief Operating Officer Richard B. Tantoco stated.

EDC, along with its parent firm First Gen Corp., sought a suspension of trading of its shares because of the delisting decision. Its shares were last traded at P4.95 each.

The company said the tender offer price is “subject to certain terms and conditions as now or hereafter set forth” by the company. Excluded from the tender offer are shares held by Red Vulcan Holdings Corp., First Gen Corp., Northern Terracotta Power Corp., and Philippine Renewable Energy Holdings Corp. (PREHC).

The tender offer price represents a 46% premium over the closing share price on Aug. 7, and a 40% premium over the three-month volume weighted average price of P5.18.

EDC said independent financial adviser KPMG issued an opinion based on an independent valuation that the tender offer price is fair and reasonable from a financial point of view.

Subject to the filing by EDC of the tender offer report with the Securities and Exchange Commission (SEC), the offering period is expected to run from Sept. 25 to Oct. 22, 2018.

It is subject to a minimum of 1,162,000,000 common shares being tendered and eligible for acceptance by EDC, which will reduce the percentage of shares held by the public from 10.9% to less than 5%. The reduction will allow a voluntary delisting of the company, subject to PSE approval on the threshold condition.

With the SEC’s approval, EDC may extend the tender offer period and may, at its discretion, waive the threshold condition.

The tender offer follows the completion in September 2017 of PREHC voluntary tender offer to acquire 8.9 billion common shares of EDC.

EDC said at that time, PREHC and First Gen had communicated to the market their intentions to eventually delist the unit, to pursue a corporate strategy that would require greater flexibility over factors like its dividend policy and leverage, and to support long-term growth.

EDC is the country’s largest renewable energy producer, delivering 1,472 megawatts (MW) from hydro, solar, and wind power apart from geothermal.

The company’s 150-MW Burgos wind farm is the biggest in the country. Its nearly 1,200-MW geothermal capacity accounts for 61% of the country’s total installed geothermal capacity.

Parent firm First Gen has a portfolio of 3,490 MW, which accounts for 21% of the country’s gross generation capacity.

PREHC is a consortium of investors comprised of funds managed by Macquarie Infrastructure and Real Assets, and Arran Investment Pte Ltd., an affiliate of GIC Pte Ltd.


source: http://www.bworldonline.com/edc-delistin...-exchange/
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