Government defers roadshow for $400-M Napocor bond float

CAGAYAN DE ORO CITY — Energy Secretary Vincent S. Perez said yesterday they are deferring the international roadshow for the $400-million bond float of the National Power Corp. (Napocor).

"We have decided to defer as per advise of our financial advisor because of the New York incident," Perez said, in an interview during the first nationwide public consultation on the implementing rules and regulations (IRR) of Republic Act 9136 or Electric Power Industry Reform Act (EIRA).

He said they were supposed to hold their roadshow next week. "We will have to delay by two weeks at least. We need to get the market to calm down again," he added.

Perez assured, however, that Bear Stearns, the US-based financial advisor of Napocor, has committed to underwrite the seven-year notes.

"They (Bearn Stearns) have committed already," he said, noting that Bearn Stearns has already completed its due diligence.

The $400-million bond float will be used to finance the capital expenses of the state-owned power company for the remaining months of 2001. Napocor will need a total of P112.3 billion for its capital expenses for the whole of the year. – Donnabelle Gatdula