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Update: First Gas fails to pick up further funding

26 November 2008

First Gas has secured funding from a consortium of banks but the market waits to see if more banks will commit to the financing.

Read more: First Gas Euler Hermes

Bookrunners BTMU, Calyon, KfW, ING Bank, UniCredit, Maybank, Standard Chartered and SG have closed the senior tranche of the $500 million loan on behalf of First Gas, the Philipine subsidiary and joint venture company of First Philippine Holdings Corp, BG Energy PLC and Meralco Pension Fund.

The loan was launched into general syndication in early November, with...


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