The 100,000,000 Series G Shares, with a par value of Php10.00, are cumulative, non-voting, non-participating, non-convertible and Peso-denominated. The shares were offered at an issue price of Php100.00 each. The Series G Shares was offered for an initial size of Php7.0 billion. Under the terms of the agreement, First Gen granted BDO Capital an option to subscribe for up to an additional Php3.0 billion. Due to strong demand, the entire oversubscription option of Php3.0 billion was exercised.
The dividend rate of the Series G Shares is 7.7808%, and as and when declared by the Company’s Board of Directors, is payable every January 25 and July 25. The Series G Shares can be redeemed by the Company on the first dividend payment date following the 10th anniversary of the issue date, which will fall on July 25, 2022.
The proceeds of the Series G will be used to either partially fund the Company’s acquisitions, or to pay for its 2.5% Convertible Bond due on February 11, 2013 and to partially repay its affiliate Red Vulcan Holdings Corporation’s debt. (Red Vulcan is the direct owner of the 60.0% voting/40.0% economic stake in Energy Development Corporation.) The proceeds of the Series G Shares will likewise be used for working capital and business development-related expenses.
"The Series G Preferred Shares was well received by the market. We have reached a new milestone today with First Gen’s preferred shares having a 10-year non-call feature, the first preferred shares issue to do so. With the exception of the First Gen Series F preferred shares issued in 2011 which had a 7-year non-call feature, and which was also a first in the market at the time, all other previous public issuances of preferred shares have only had a 5-year non-call feature. It is the longest non-call tenor for preferred shares issued in the country to-date. The book was oversubscribed and was the first preferred share issuance in 2012.” This was the statement offered by Mr. Eduardo Francisco, President of BDO Capital.
First Gen is the largest vertically integrated power producer in the Philippines, with a capacity of 2,763 MW of clean and renewable energy in its portfolio. It has a total of 15 power plants powered by indigenous fuel; namely, natural gas, geothermal steam and hydro, that is predominantly contracted for sale under power purchase agreements. It accounts for approximately 18.0% of total installed capacity in the country.
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