Philippine Long Distance Telephone Company (PLDT) has announced it has priced PhP5bn (US$115m) worth of five-year, seven-year and ten-year fixed rate notes with a group of institutional lenders.
These lenders are “a mix of universal, savings, trust and…
Philippine Long Distance Telephone Company (PLDT) has announced it has priced PhP5bn (US$115m) worth of five-year, seven-year and ten-year fixed rate notes with a group of institutional lenders.
These lenders are “a mix of universal, savings, trust and investment banks, investment funds and insurance companies,” PLDT said in a notice to the Philippine Stock Exchange.
The notes are fixed at a yield of 6.5692%, 7.3365%, and 7.7946% respectively, and fetched a credit spread of 30bps over benchmark rates.
The note issue, which was 1.8x oversubscribed with book orders reaching PhP9.087bn (US$207m), is expected to take place on 24 March 2011. HSBC acted as sole lead manager and bookrunner on this transaction.
The proceeds of the issue will be used to finance capex and refinance existing debt obligations, PLDT said in the notice.
