P25-B BDO backing hinges on ‘Piki’ staying in control, says First Gen

MANILA, Philippines — BDO Unibank has issued standby letters of credit totaling P24.75 billion to support First Gen Corp.’s acquisition of a 33-percent stake in Prime Hydropower Energy Inc. In a disclosure on Friday, First Gen said the bank’s support comes with strict covenants requiring leadership continuity across the First Philippine Holdings (FPH) group. This effectively links funding to the role of Federico “Piki” Lopez. READ: ABS-CBN confirms shutdown proposal amid Lopez family feud Under the agreement, a “change of management control” is deemed an event of default. This could trigger consequences for outstanding loans within the FPH group. Such […]... Keep on reading: P25-B BDO backing hinges on ‘Piki’ staying in control, says First Gen

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