EWC 0.00% 2.0¢ energy world corporation ltd

re: Ann: US$75M Investment by Standard Charte... did you read...

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  1. 171 Posts.
    re: Ann: US$75M Investment by Standard Charte... did you read the cleansing document?

    The issuer is Energy World Philippines (EWP)
    The note is $50m + $25m.
    The tenor is 5.5 years


    If the notes are converted to EWC shares: The strike is $0.50. So fully diluted the capital costs about 160m shares.

    If the notes are converted into EWP shares (if listed) then $75m gets them 37.5% of EWP.

    While is it clear that they get a slice of the equity it is not clear how much debt EWP is allowed to raise. The % indicate that EWP will have $200m of equity. This would make sense if EWP is - which makes sense ie 600mw @ $1m per MW = $600m. $200m equity means $400m debt. This is not perfect because some equity money has gone into the recieving terminal. So it might be $200m equity, $500m debt. The additioal $25m looks as if EWC are giving themselves some headroom shold earnings/other capital not materialise.

 
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