MANILA BULLETIN: FPHC pays down P6.9-billion debt
July 22, 2009

First Philippine Holdings Corporation (FPHC) has paid down debt worth P6.9 billion.

In a disclosure to the Philippine Stock Exchange (PSE) Monday, FPHC said it has completed a pro rata early redemption payment to the Noteholders of its Floating Rate Corporate Notes due October 2012 for the Dollar Tranche Notes and October 2014 for the Peso Tranche Notes.

FPHC paid down 50 percent of the debt or a total amount of about P6.9 billion to the relevant Noteholders.

“This has significantly reduced FPH’s debt profile and allows for more financial flexibility both in the short and longterm,” it said.

FPHC chief finance officer Francis Giles Puno noted that “the Company is on track with its financing activities. In spite of the challenging environment and with the eventual completion of the sale of our 20 percent stake in Meralco, we will be able to further reduce our debts and improve values for all stakeholders in First Holdings.”

For his part, FPHC president Elpidio Ibañez explained that “the First Holdings group is continuing its consolidation program. We are resolving the various debt issues at both the parent and subsidiary levels. We are confident that we will emerge from the financial turbulence as a stronger and more vibrant company.”

FPHC posted a 33 percent drop in unaudited net income attributable to equity holders of the parent to P178 million during the first quarter of 2009.

The firm said the decline was primarily due to the absence of revenue contributions from First Holdings’ toll roads business.

Last November 2008, First Holdings sold its stake in First Philippine Infrastructure, Inc. (FPII), for P6.2 billion.

FPII was the corporate vehicle of First Holdings and its parent Benpres Holdings Corporation for the North Luzon Expressway concession.

Consolidated revenues amounted to P20.6 billion, higher than last year by 15 percent with sale of electricity through subsidiaries First Gen Corporation (First Gen) and Energy Development Corporation (EDC) accounting for 82 percent of total revenues, and was up 10 percent year-on-year due to foreign exchange translation adjustments.




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