Paul, Hastings, Janofsky & Walker, a leading global law firm, announced that it has advised Energy Development Corporation (“EDC”), the Philippines’ largest producer of geothermal energy, in its US$175 million transferable syndicated term loan facility provided by Australia and New Zealand Banking Group Limited, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Chinatrust Commercial Bank, ING Bank N.V., Manila Branch, Maybank Group, Mizuho Corporate Bank, Ltd. and Standard Chartered Bank.
The new loan has a tenor of six years and the proceeds will be used by EDC to refinance its existing three-year US$175 million term loan facility which closed in 2010, on which Paul Hastings also advised EDC. The new loan lengthens the remaining life of the existing facility and substantially lowers interest costs. The total firm underwritten commitment received from the seven banks was in excess of US$600 million, three times more than the target amount.
The Paul Hastings team was led by partners Patricia Tan Openshaw andJosh Isenberg with additional support from associate James Ma.
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