Published May 26, 2021, 2:38 PM FGP Corp., which is a subsidiary of Lopez-led First Gen Corporation, has inked a six-year US$308 million loan facility with four banks – the proceeds of which will primarily be allocated to refinance debts funneled to its 500-megawatt San Lorenzo gas fired power plant; while the rest will be earmarked for expansion projects. First Gen The lenders in the new loan deal are Bank of the Philippine Islands, BDO Unibank Inc., Philippine National Bank and foreign bank Sumitomo Mitsui Banking Corporation – Singapore Branch. “The proceeds from the initial drawdown on the loans will be primarily used to repay the amounts due on FGP’s existing debt of approximately US$164 million,” First Gen has stipulated in its disclosure to the Philippine Stock Exchange.