Image via WikipediaA provisional approval was granted by the Energy Regulatory Commission (ERC) on the bid of Subic Enerzone Corporation (SEZ) to secure P565 million loan from Metrobank to be earmarked for its debt refinancing and capital expenditures.
“SEZ is hereby authorized to secure a loan in the amount of P565 million with Metrobank or any banking/financial institution to refinance its outstanding loan and finance its capital expenditure projects,” the regulator has specified in its ruling.
Of the amount, P310 million will be aligned to refinance debt obligations previously secured with the Development Bank of the Philippines (DBP) while the rest will be for its capex program spread through the years.
As culled from its manifestation with the ERC, Subic Enerzone indicated that it would require P165.886 million for capital projects from 2011 to 2015; and another P290.810 million for the years 2016 to 2020. These have been based also on previous approval given by the ERC on its line-up of projects.
“The capex projects for the period 2011 to 2015 are included in SEZ’s application for approval of its annual revenue requirement and performance incentive scheme under the rules for setting distribution wheeling rates,” the ERC decision has emphasized.
http://mb.com.ph/node/326271/erc-okay
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