backSINGAPORE, Oct. 13, 2015 — King & Spalding advised SN Aboitiz Power-Benguet, Inc. (“SNAP-Benguet”), a joint venture between Philippine-based Aboitiz Power Corporation (“Aboitiz”) and Norway’s SN Power AS (“SN Power”), in the refinancing of the peso loan component of SNAP-Benguet’s old debt of US$ 375 million. With the refinancing, SNAP-Benguet’s credit facility has increased to US$ 436.23 million.
SNAP-Benguet obtained its US$ 375 million dual currency financing in 2008 to fund the acquisition and rehabilitation of the 175 MW Ambuklao-Binga Hydropower Project, located in Benguet, the Philippines. Aboitiz and SN Power were awarded the project in November 2007 through a competitive bidding process conducted by the Power Sector Assets and Liabilities Management Corporation (PSALM).
The financing in 2008 comprised an US$ 85 million A loan and US$ 15 million C loan from the International Finance Corporation, a US$ 60 million loan from the Nordic Investment Bank, and a $215 million peso loan from six Philippine banks.
SNAP-Benguet has indicated that the proceeds of the refinancing will be utilized to partially fund the rehabilitation of the 105 MW Ambuklao Hydroelectric Power Plant and the refurbishment of the 140 MW Binga Hydroelectric Power Plant, to repay existing loans or advances, and for other general corporate purposes.
The King & Spalding team was led by partners Mona Katigbak and Kelly Malone in Singapore, with senior associate Rory Connor in London and associate William Panlilio in Singapore providing assistance.
About King & Spalding
Celebrating more than 130 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 900 lawyers in 18 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.