FIRST Gen Corp. of the Lopez Group on Thursday said it bought back some of the bonds it listed in the Singapore Exchange.
“In connection with First Gen’s $300-million 6.5-percent fixed-rate notes due 2023, which are listed on the Singapore Exchange Securities Trading Ltd. [SGX], please be advised that the company has decided to purchase some notes from the market,” it said in a disclosure to the Philippine Stock Exchange.
First Gen said this move is part of the firm’s debt-reduction plan. However, no other details, including how much was bought back, were provided.
First Gen owns and operates the following gas plants: the 414-megawatt (MW) San Gabriel; the 97-MW Avion; the 1,000-MW Santa Rita; and the 500-MW San Lorenzo. All four plants are in First Gen’s Clean Energy Complex in Batangas, comprising roughly 60 percent of the country’s natural-gas capacity.