SN Aboitiz Power-Benguet Inc. refinanced the existing peso credit facility from BDO Unibank,Inc. (BDO) and Bank of the Philippine Islands (BPI) for the new syndicated 15-year term loan in the amount of PHP15 billion. OIC-Chief Operating Officer and Chief Finance Officer, Eleanor Blomdahl led the signing of the Amended and Restated Omnibus Line and Security Agreements including the Peso Loan Agreement on September 17 together with the local parties’ representatives including BDO and BPI as the Peso Lenders, BDO Capital and Investment Bank as the Lead Arranger, BDO Trust as the Facility Agent and Onshore Collateral Trustee and BDO Pasay Road Branch as the Accounts Bank.

With the refinancing, which took effect on September 21, the USD375 million-credit facility signed in August 2008 will now be up to USD436.

23 million, coming from the company’s remaining lenders which are Nordic Investment Bank (NIB), International Finance Corporation (IFC), BDO, and BPI. Senior Manager for Treasury Dixie Diaz said that with the refinancing, SNAP-Benguet now enjoys better commercial terms that include longer term from the current 12 years to 15 years. SNAP-Benguet was also able to negotiate a lower interest rate with the new spread from 1.

5% to 1.

20% - translating to an effective interest rate of 5.

2253% for the next eight years.