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EWC completes financing documentation for LNG hub in the Philippines

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LNG Industry,

According to its listing on the Australian Securities Exchange website, Energy World Corp. Ltd (EWC) has completed the financing documentation (Omnibus Loan and Security Agreement) for its LNG hub in Pagbilao, the Philippines, for approximately US$32 million. The company claims that a tap facility of a further US$43 million (approximately) for future noteholders is provided by the corporate notes facility.

Standard Chartered Bank is the issue manager and bookrunner for the corporate notes facility, whilst the lead arranger is Landbank of the Philippines. The facility’s noteholders will be Standard Chartered Bank and Landbank of the Philippines.

In addition to this, Hogan Lovells and Sycip Salazar Hernandez and Gatmaitan served as counsel, whilst Standard Chartered Bank Singapore acted as the financial advisor. In its advisory role, Standard Chartered Bank Singapore is currently working alongside other parties as possible noteholders. This includes Swan Capital Ltd, which previously suggested that it would be keen to invest an additional US$15 million should the relevant approvals be given.

EWC claims that this is a milestone, helping to bring LNG to the Philippines for a number of uses, including: power generation; industrial use; city gas; transportation of gas, etc. The company went on to say that it is currently working on the drawdown of funds under the hub financing facility, as well as the power financing facility, which was both signed and announced previously. Once the funds under the hub have been drawn, completion of phase one of the hub and various associated marine facilities will be possible.

Edited from various sources by David Rowlands

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Philippines LNG news