Philippine Long Distance Telephone Company has confirmed it may take out up to PhP7bn (US$149m) in loans to fund its capital expenditure requirements in the second half of the year.
Philippine Long Distance Telephone Company (PLDT) (PSE:TEL) has confirmed it may take out up to PhP7bn (US$149m) in loans to fund its capital expenditure requirements in the second half of the year.
Responding to a local media report stating that it was looking to raise PhP7bn for capex and to refinance debt, PLDT said in a stock exchange filing that, depending on cash levels, it may need to ink an additional PhP5b-PhP7bn (US$106m-US$149m) worth of loans in H2.
“We will also continue to evaluate refinancing options for our maturing US dollar bonds in 2017 and will aim to put in place facilities by the end of 2016,” the telco said.
The company noted that it plans to fund its PhP43bn (US$915m) of capex this year with internal funds and loans from relationship banks.
“The company has already secured most of the borrowing requirements through bilateral loans,” it said.
