PLDT raises P6.2-B to refinance debts

Posted at 11/22/12 4:51 PM

MANILA, Philippines - Philippine Long Distance Telephone Co. (PLDT) has raised P6.2 billion to refinance its existing debts.

In a disclosure, the telco giant said it has issued P6.2-billion fixed rate corporate notes on Thursday to "a group of primary institutional lenders."

The 7-year and 10-year notes were priced at 5.50% and 5.9058%, respectively, the disclosure read.

"Proceeds from the said facility will be used to refinance PLDT's existing debts in line with the company's liability management initiatives to reduce financing costs and rationalize its debt maturities," the firm said.

BPI Capital Corp. and First Metro Investment Corp. were tapped as joint issue managers for the transaction.