Philippine incumbent PLDT has issued PhP8.8bn (US$210.8m) in two-tranches, the company said in a filing to The Philippine Stock Exchange (PSE).
The first tranche carries a coupon of 5.6038% and matures in 2019 while the second tranche is for ten years…
Philippine incumbent PLDT has issued PhP8.8bn (US$210.8m) in two-tranches, the company said in a filing to The Philippine Stock Exchange (PSE).
The first tranche carries a coupon of 5.6038% and matures in 2019 while the second tranche is for ten years and has a coupon of 5.6423%.
Proceeds from the issuance will be used to refinance existing debts in line with the company’s liability management initiatives to reduce financing costs and extend debt maturities – PLDT had net debt of US$2bn as of 30 June 2012.
BPI Capital Corporation and First Metro Investment Corporation acted as the joint issue managers.
Following media speculation at the beginning of the month, PLDT confirmed to the PSE that it was looking to raise PhP8bn (US$190m) for refinancing and announced that BPI Capital and First Metro Investment had been hired to arrange the facility.
