SN Aboitiz Power-Magat Inc. (SNAP-Magat), a unit of Aboitiz Power Corp., is raising P19 billion from corporate notes with two local banks to pay off debts and finance general corporate purposes.

AboitizPower disclosed yesterday SNAP-Magat has signed a notes facility agreement Bank of the Philippine Islands (BPI) and China Banking Corp. to issue P19-billion fixed rate corporate notes.

“The proceeds of the notes will be used by SNAP Magat to, among others, repay its existing loans, finance its recapitalization and fund other general corporate purposes,” it said.

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