PNC Capital Markets and F.N.B. Capital Markets were joint lead arrangers on credit agreement.
Related Stocks: AP ,
Despite the tight supply situation in the Luzon grid, plant owner and operator Hedcor Inc. opted to shut down its 70-megawatt Bakun hydropower facility as the host-community ignored an earlier letter from the Department of Energy (DOE) instructing the power firm to continue the operation of its plant. Hedcor, a subsidiary of Aboitiz Power Corporation, stipulated that representatives from the municipality of Bakun, the National Commission on Indigenous Peoples-Cordillera Administrative Region (NCIP-CAR) and the Bakun Indigenous Tribes Organization (BITO), physically visited the generating facilities of the Bakun asset on June 30, to implement a forced shutdown, based on an imprimatur of the NCIP Regional Office relative to a cease and desist order (CDO) that it issued on June 22. The power firm said the instruction was made without any reference to the directive from the DOE dated June 25 to Hedcor to continue operating. Leo Lungay, vice president for Operations and Maintenance of Hedcor, noted we are forced to stop operations, with the threat posed by the situation. The company executive added that as much as we want to continue delivering power to the Luzon grid, we dont want to compromise the safety of the community and our personnel. The media has been apprised that it was Atty Jerry A.
Now this issue has definitely escalated into something that will grab the attention of Aboitiz Power and of the other renewable power producers operating in the area.
CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation") announced today that it has entered into an amended and restated credit agreement (the "Credit Facility") consisting of a $100 million, five-year asset-backed revolving line of credit with a $30 million accordion feature. For the Credit Facility, PNC Capital Markets LLC and F.N.B. Capital Markets served as Joint Lead Arrangers, First National Bank of Pennsylvania served as Lender and Syndication Agent, a
The Bakun municipal government enforces a cease and desist order against Aboitiz Power Corporation''s power plants
Owing to its mandate of ensuring sufficient power supply for the country, the Department of Energy (DOE) has directed Hedcor Inc. to continue running the three generating units of its 70-megawatt Bakun hydropower facility in Benguet province. The power plant had been served with cease and desist order (CDO) last week by the National Commission on Indigenous Peoples Cordillera Administrative Region (NCIP-CAR), but it prevailed upon the legal determination of the DOE that it will be detrimental to consumers interest if that whimsical decision of another government agency will pull the plug on the facilitys operation. In a letter to Hedcor, a subsidiary of Aboitiz Power Corporation, the energy department stipulated that the three generating units Lower Labay, Lon-oy and FLS of the Bakun hydropower asset, must continue operating given the shortage of available capacity from the grid caused by the unavailability of large power plants as well as de-rated operation of operating power plants. Coincidentally, hydro plants are perceptibly most dependable on their scale of generation during these times of the year because of the kick-off of the rainy season; therefore, they can help ease the very wobbly state of power supply in Luzon grid as demand climbs due to the wider re-opening of some core segments of the economy.
Investors will again wait to see if the government will announce any changes in quarantine measures while prices of certain stocks may be boosted by quarter-end window-dressing. Next week, investors are expected to watch out for the governments quarantine classification decisions for the country after June 30. Further easing of restrictions may push the market to a positive close next week, said Philstocks Senior Supervisor for Research Japhet Tantiangco. He noted that, Till the governments decision, the market is seen to move sideways while investors look for clues or hints on what the new quarantine measures will be. (Photo credit: https://www.pse.com.ph) Tantiangco added that, Investors may also watch out for the upcoming IHS Markit Philippines Manufacturing PMI for clues on how the local economy is faring. He added that, Investors may also monitor Wall Street to see if it would be able to sustain its good performance last week. If it is able to do so, then it may have positive spillovers for the local bourse. Meanwhile, online brokerage 2TradeAsia.com said that, After a strong rejection of the 7,000 level a fortnight ago, the PSEi looks to finally trounce this psychological resistance, this time with a better outlook for the second half of the year supporting the buying thesis dovish Fed and vaccine deployment traction. It added that, Funds looking to window dress in this quarters close should also prop up turnover this week, which range traders can take advantage of to make a quick buck. BDO Chief Market Strategist Jonathan Ravelas noted that, the PSEi rose last week as investors are optimistic on further reopening of the economy as vaccinations pick up speed and improved second quarter 2021 corporate earning expectations.
Unpleasant Surprises Could Be In Store For Ampco-Pittsburgh Corporation''s (NYSE:AP) Shares Simply Wall St
Some Shareholders Feeling Restless Over Ampco-Pittsburgh Corporation''s (NYSE:AP) P-E Ratio Yahoo Finance
Consumers in the Luzon grid will be spared from suffering brownouts in the coming weeks if the first 668-megawatt unit 1 of the GNPower Dinginin coal-fired power plant in Bataan can come back on-line by next week, according to the Department of Energy. DOE Director Mario C. Marasigan of the Electric Power Industry Management Bureau (EPIMB) indicated that as far as schedule is concerned, they are committing to have the GNPower Dinginin plant by June 14, so we are expecting them to come in. With the scheduled resumption of the plants testing and commissioning phase this Monday, the GNPower Dinginin facility will be adding up supply to Luzon grid at a time when it will be critically needed as supply thins out while demand climbs due to wider re-opening of economic activities. Senate Committee on Energy Chairman Sherwin T. Gatchalian further noted that Dinginin will be our saving grace hopefully. Lets keep our fringes crossed. If they are true to their words, then we will not experience brownouts. But since the power generating unit is still not on full commercial operation phase, it has been cautioned that its supply of power to the grid would still be on wobbly state in the coming weeks, which is a natural occurrence for all electric generating facilities that are still at pre-commercial operation state.
CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation") announced today that it would be presenting at the virtual East Coast IDEAS Investor Conference on June 16, 2021. J. Brett McBrayer, Chief Executive Officer, will present a corporate overview and update for registered investors and other conference attendees. The Corporation''s presentation will be webcasted and is scheduled to be accessible at 8:00 am EDT on June 16, 2021, on the IDEAS conference website
Aboitiz Power inks power supply deal with Nestle Manila Bulletin
Over the past three months, shares of Ampco-Pittsburgh (NYSE: AP ) moved lower by 10.47%. Before we understand the importance of debt, let us look at how much debt Ampco-Pittsburgh has. Ampco-Pittsburgh''s Debt According to the Ampco-Pittsburgh''s most recent financial statement as reported on May 10, 2021, total debt is at $36.49 million, with $21.91 million in long-term debt and $14.58 million in current debt. Adjusting for $18.25 million in cash-equivalents, the company has a net debt of $18.24 million. Let''s define some of the terms we used in the paragraph above. Current debt is the portion of a company''s debt which is due within 1 year, while long-term debt is Full story available on Benzinga.com
Listed firm Aboitiz Power Corporation has inked a new power supply agreement with Nestle Philippines, which calls for the delivery of 24.46 megawatts of capacity to meet the latters energy needs. The supply of power to the multinational food and drink company will cover its factories in Luzon, as well