EWC Completes a $32M Facility for Pagbilao LNG Hub Terminal in Philippines

Australia-listed Energy World Corp. Ltd. (EWC) completed Tuesday the financial documentation for approximately $32 million (PHP 1.5 billion) for its LNG (liquefied natural gas) Hub Terminal in Pagbilao, Philippines and the Coporate Notes Facility provided a tap facility for an additional $43 million (PHP 2 billion) for new noteholders in the future.

Standard Chartered Bank (SCB) is the Corporate Notes Facility's Issue Manager and Sole Bookrunner, while Landbank of the Philippines (LP) is the Lead Arranger as well as the Security Trustee, Paying Agent and Facility Agent. The two financial institutions are Current Noteholders under the facility. EWC added that SCB is also the Financial Adviser to the firm, while Hogan Lovells and Sycip Salazar Hernandez & Gatmaitan are its Counsel.

Meantime, SCB is working with others as potential noteholders, including Swan Capital Ltd. (an Energy World International Ltd. affiliated entity), who have already indicated its willingness to invest another $15 million subject to approvals.

"This important development represents a further significant milestone in EWC's program to bring clean and affordable fuel to the Philippines for power generation, industrial users, city gas, road transportation and other uses," EWC said in the press release.

The firm is working to drawdown funds under the Hub financing facility and the power financing facility previously signed and announced, a development which will enable the completion of Phase One of the LNG Hub and associated marine facilities. Facilities for the Philippine LNG Hub comprised a LNG storage tank with a capacity of 4.59 million cubic feet; a jetty, as well as a receiving and re-export terminal for berthing, unloading and reloading LNG ships; a regasification facility and related support facilities.

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