Paul Hastings Advises Philippine power company First Gen Corporation on its US$300 million convertible bond offering

February 14, 2008

Paul Hastings Advises Philippine power company First Gen Corporation on its US$300 million convertible bond offering

Hong Kong (February 14, 2008) - Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm advised First Gen Corporation (First Gen), the Philippines largest vertically-integrated power generation company, on its recent US$300 million 5-year convertible bond offering.

The Regulation S offering consisted of a base amount of US$225 million of convertible bonds, which was increased to US$300 million following the exercise of the managers over allotment option.

This offering is one of the first convertible bond deals by an Asian-listed issuer in 2008 and was managed by JP Morgan Securities.

Paul Hastings served as First Gens international counsel on the offering. Hong Kong partners Patricia Openshaw and Andrew Hutton led the Paul Hastings team, assisted by Wayne Loo and Todd Siegel.

In addition to the firms work on the First Gen offering, Paul Hastings recently represented Red Vulcan Holdings, a consortium made up of First Gen, Spalmare Holdings BV, and Prime Terracotta Holdings Corp, in its successful US$1.36 billion bid for the controlling stake of PNOC Energy Development Corporation (PNOC-EDC). Paul Hastings also represented First Gen and Red Vulcan in two financings for an aggregate principal amount of approximately US$1 billion in connection with the PNOC-EDC acquisition.

Paul Hastings recent debt capital markets deals in Asia include advising on:

  • PT Perusahaan Listrik Negara's (PLN) two separate US$1 billion high-yield bond offerings (advised UBS, the sole bookrunner and joint lead manager)

  • Coastal Greenland Ltd's US$100 million high-yield bond offering (advised HSBC, the sole lead manager and bookrunner)

  • Hong Kong listed Skyfame Realty's US$200 million structured convertible bond issue (advised the investors including Indopark Holdings (a Merrill Lynch-managed real estate fund) and the Merrill Lynch Principal Credit Group, Lehman Brothers Commercial Corporation Asia, DKR Soundshore Oasis Holding Fund Ltd and PMA Investment Advisers Ltd)

  • Dragon Base Powers offering of US$150 million convertible notes issued to Citigroup as purchaser (advised the issuer)

  • Softbank Corps sale of Euro 500 million (approx. US$625 million) of high-yield senior notes (advised the issuer)

  • PT Pakuwon Jati's offering of US$110 million high-yield senior secured notes (advised UBS, the sole bookrunner and lead manager)

  • ABN Amros purchase of convertible bonds of China Architectural Engineering Inc, Lijun International Pharmaceutical (Holding) Co Ltd and Asian Time Corporation (advised ABN Amro as purchaser)

  • Bank of China Internationals purchase of secured bonds exchangeable into shares of Hong Kong-listed issuer Golden Dragon Group (advised Bank of China International as purchaser)

About First Gen Corporation:
Incorporated in December 1998, First Gen Corporation (First Gen) is the largest vertically-integrated power generation company in the Philippines. First Philippine Holdings Corporation (FPHC), parent and controlling shareholder of First Gen, is one of the oldest conglomerates in the Philippines, with holdings in power generation and distribution, infrastructure and real estate.

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.

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