PANGILINAN-LED Manila Electric Co. (Meralco) said it will borrow P75 billion from three major local lenders to finance its planned joint venture (JV) with Aboitiz Power Corp. (AboitizPower).
Meralco hopes to secure P75 billion in loans, payable over 12 years, from BDO Unibank, Inc., Bank of the Philippine Islands, and Metropolitan Bank & Trust Co. within the week, the power distributor said in a stock exchange disclosure on Monday.
“The loan will be used to finance investments and other general corporate purposes of the company,” Meralco said.
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