PLDT, the Philippines’ incumbent, is looking to offer up to PhP15bn (US$339.6m) in notes in the first quarter of 2014.
In a brief statement to the country’s stock exchange, the telco said it has filed an application with the local SEC to register…
PLDT, the Philippines’ incumbent, is looking to offer up to PhP15bn (US$339.6m) in notes in the first quarter of 2014.
In a brief statement to the country’s stock exchange, the telco said it has filed an application with the local SEC to register PhP10bn (US$226.9m) worth of fixed-rate bonds, split between a seven-year and a 10-year tranches. There is an over-subscription option of up to PhP5bn (US$113.7m).
Net proceeds will be used for capex and/or to refinance existing obligations.
BDO Capital, BPI Capital, First Metro Investment Corp and HSBC were joint issue managers, joint lead underwriters and joint bookrunners. First Metro was also issue coordinator.
PLDT last tapped the debt market in February when it signed a US$300m five-year loan to refinance its existing debt and fund capex.
As of 30 September, the country’s largest operator had debt of PhP109.4bn (US$2.48bn) and a net debt to equity ratio of 0.57x.