Leading telco Philippine Long Distance Telephone (PLDT) has priced PhP5bn (US$117m) worth of fixed-rate notes with 16 institutional lenders. The company expects to issue those notes on 8 November.
First Metro Investment Corporation (FMIC) and HSBC acted…
Leading telco Philippine Long Distance Telephone (PLDT) has priced PhP5bn (US$117m) worth of fixed-rate notes with 16 institutional lenders. The company expects to issue those notes on 8 November.
First Metro Investment Corporation (FMIC) and HSBC acted as joint lead managers. Yields for the five-year, seven-year, and ten-year notes were fixed at 5.4692%, 5.4963%, and 6.2188% respectively.
In a statement, PLDT said: “The note issue was oversubscribed, demonstrating continue investor confidence in PLDT’s financial strength and market leadership. The lenders were a mix of universal banks, trust banking groups, investment banks, investment funds, and an insurance company.”
The company added the proceeds would be used for capex and to refinance debt obligations.
This comes just a few days after PLDT completed its acquisition of a majority stake in number three player Digital Telecommunications Philippines (Digitel) for PhP69.2bn (US$1.6bn). The deal took months to be completed due to antitrust clearances taking much longer than anticipated.
Following that transaction, Fitch Ratings upgraded PLDT’s long-term local currency issuer default rating to ‘A-‘ from ‘BBB+’ and removed it from Rating Watch Positive.
