SyCipLaw advises Issuer and Noteholders in NGCP’s Php5 billion fixed rate notes facility issuance
April 18, 2013
SyCipLaw teams acted as counsels to the National Grid Corporation of the Philippines (NGCP) as issuer and Standard Chartered Bank, Land Bank of the Philippines, Philippine National Bank, Australia and New Zealand Banking Group Limited, and BDO Private Bank, noteholders of the issuance by NGCP of Php5 billion fixed rate notes facility.
NGCP is a fully private corporation which won the fifty-year franchise to operate, maintain, expand and further strengthen the country’s power transmission system. As the system operator of the power grid, NGCP balances the demand and supply of electricity to serve efficiently all of its customers—generators, private distribution utilities, electric cooperatives, government-owned utilities, ecozones, industries, as well as directly connected companies. It is responsible for putting online the right mix of power plants that generate the high-voltage electricity and transmitting this to the various distribution utilities which, in turn, deliver the electricity at a lower voltage rating to households and other end-users.
The Php5 billion Fixed Rate Notes Facility is NGCP’s first corporate notes issuance. The proceeds from this corporate notes facility will be used by NGCP to fund new projects and capital expenditures, and to finance any other purpose related to carrying out its rights and responsibilities under the Concession Agreement executed with the Power Sector Assets and Liabilities Management Corporation and the National Transmission Corporation.
The SyCipLaw team representing the noteholders was composed of partner Mia G. Gentugaya and associate Diana Grace L. Uy. The SyCipLaw team representing NGCP was composed of Vicente D. Gerochi IV and Melyjane G. Bertillo.
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