Philippine Long Distance Telephone Co (PLDT) has opted to tap local currency markets rather than go offshore for funds, banking sources said.

One banking source familiar with the matter said the company made its decision after receiving an offer for a US$220m deal from a group of nine international banks.

The source said that the three-year deal was priced at around 400bp all-in.

PLDT signed a US$100m five-year amortising term loan in January 2008 that pays a margin of 42bp over Libor.

Bank of Tokyo-Mitsubishi UFJ, DBS Bank, ING Bank, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp were mandated lead arrangers on that deal.

The company has around P11.35bn in US$-denominated debt maturing this year.