AP - closed previous gap down

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SN Aboitiz Power gets $380M loan for Magat purchase

Aboitiz Power Corp. on Monday announced that its unit SN Aboitiz Power Inc. (SNAP), has secured a $380 million loan from a consortium of banks, which will be used to pay part of the balance of its purchase of the 360-megawatt Magat hydroelectric power plant. In a disclosure to the Philippine Stock Exchange, Aboitiz Power said SNAP will also use part of the loan to refinance its existing $159-million debt from parent company Aboitiz Equity Ventures. The $380-million loan consists of a dollar tranche of up to $160 million and a peso tranche of up to P11.5 billion. It was obtained from a group of domestic and financial institutions including World Bank's private investment arm International Finance Corp., Nordic Investment Bank, Banco de Oro-EPCI, Bank of the Philippine Islands and China Banking Corp. The group also includes the Development Bank of the Philippines, the Hong Kong and Shanghai Banking Corp. Ltd., Philippine National Bank, and Security Bank. SNAP is a joint venture between Aboitiz Power and SN Power of Norway. It acquired the Magat plant for $530 million through a competitive bidding by the Power Sector Assets and Liabilities Management Corp.



AP = 5.6 (5.7%)

AP formed a long white candle to close a previous gap down

Resistance: 5.8 - recent high and IPO price
Support: 5.5 - previous gap down which was a resistance

Disclosure: Got IPO of AP at 5.8... still holding

Good luck to all AP traders!

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