Philippine incumbent PLDT has confirmed it is looking to secure a PhP8bn (US$190.6m) facility to refinance its existing debt.
In a notice to the country’s stock exchange, the company said that BPI Capital and First Metro Investment have been hired to…
Philippine incumbent PLDT has confirmed it is looking to secure a PhP8bn (US$190.6m) facility to refinance its existing debt.
In a notice to the country’s stock exchange, the company said that BPI Capital and First Metro Investment have been hired to arrange the facility.
The initiative is “in line with the company’s liability management initiatives to reduce financing costs and extend its debt maturities,” the company said.
According to local reports, the facility will consist of fixed-rate corporate notes with tenors ranging from seven to 10 years.
PLDT had net debt of US$2bn as of 30 June 2012.
A month ago, PLDT finally handed back the 3G licence held by CURE, one of its subsidiaries, to the country’s telecoms regulator.
Returning 10MHz of spectrum in the 2100MHz band was part of the remedies package PLDT accepted in return for regulatory clearance of the US$1.6bn takeover of Digicel, a local carrier, last year.
Globe Telecom, Philippines’ second-largest mobile operator and sole competitor to PLDT, has confirmed its interest in the spectrum.
