ABOUT $12.9 million (roughly P561.5 million) have already been disbursed by First Philippine Holdings Corp. (FPHC) from the P4.3 billion in proceeds generated from the sale of preferred shares in April.

The company, in a disclosure to the stock exchange Thursday, said $5 million was used as amortization payment of its $35-million term notes due in 2011. It also made interest payments of $1.9 million on the same notes.

From the sale kitty, FPHC also bought back $6 million of its remaining $52-million floating rate notes due next year. It also intends to partially repay/refinance outstanding debts worth around P1.5 billion.

The Lopez-controlled listed company, which has investments in power and infrastructure, sold series B perpetual preferred shares three months ago, involving primary shares numbering to 30 million with an over-allotment option of 20 million priced at P100 each.

The shares are cumulative, non-voting, nonparticipating and non-convertible peso-denominated. Each share has a par value of P100 and a liquidation right equivalent to P100.

After the offer, FPHC holds 588.91 million common shares, 20 million series-A preferred shares, and 30 million series-B perpetual preferred shares issued and outstanding.

Apart from the payment of debts, the company will also use the proceeds to fund strategic acquisitions programmed this year until 2011 and pay for capital and operating requirements.

“The company plans to acquire additional stake in Manila Electric Co. (Meralco) should the government proceed with its public pronouncements to sell Meralco shares held by the national government and/or government-owned and controlled corporations,” it said earlier.

FPHC is also open to exploring other investment opportunities in electronics/electricals manufacturing and other infrastructure projects such as toll roads.

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ABOUT $12.9 million (roughly P561.5 million) have already been disbursed by First Philippine Holdings Corp. (FPHC) from the P4.3 billion in proceeds generated from the sale of preferred shares in April.

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