MANILA, Philippines - Vivant Corp., is set to issue P3 billion worth of fixed rate corporate notes on Feb. 3, proceeds of which would be used to fund its capital expenditures. In a disclosure to the Philippine Stock Exchange, Vivant said it signed an agreement with local banks for the issuance of the corporate notes.
“The offering 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.,†Vivant said.
Vivant tapped First Metro Investment Corp., the investment management arm of the Metrobank Group, as sole arranger of the corporate notes.
“The notes will be issued on Feb. 3, 2013. The net proceeds of the issue, which will be in two tranches, will be used for general corporate purposes, including but not limited to, capital expenditures for existing assets and investments in power generation projects,†Vivant said.
Vivant is a listed company based in Cebu with investments in power generation and distribution. Its investments include Amlan Hydro Power Inc., the operator of the 0.8-megawatt run-of-river hydroelectric power plant in Amlan in Negros Oriental, approximately 35 kilometers north of the provincial capital, Dumaguete City.
It also has various projects and investments as well as supply contracts with existing power players.