Lopez-owned First Holdings inks P5-B loan with ING Bank

The Lopez-controlled First Philippine Holdings Corp. (FPHC) has signed a P5-billion fixed rate note facility with ING Bank NV and several other financial institutions, the company told the Philippine Stock Exchange.

FPHC said the fixed rate notes would come in three tranches, with tenors of five, seven and 10 years.

Proceeds from the sale will be used to fund general corporate purposes, including capital expenditure and acquisitions.

FPHC is a holding company with core investments in power and tollways, and strategic initiatives in property and manufacturing.

Its power generation subsidiary, First Gen Corp., is now the largest Filipino independent power producer with a capacity of 1,727 megawatts. Its power distribution associate, the Manila Electric Co., has a franchise area producing almost 49 percent of the country’s gross domestic products (GDP), with around 31 percent produced in Metro Manila alone.

FPHC’s tollways subsidiary, Manila North Tollways Corp., modernized and operates the longest toll road in the country with a 433 lane-kms. capacity.

Other investments of FPHC include Philippine Electric Corp. (Philec), First Electro Dynamics Corp. (Fedcor) , First Sumiden Circuits Inc. (FSCI) , Rockwell Land Corp., First Philippine Industrial Park (FPIP) and First Balfour Inc.