Philippine Daily Inquirer
5:44 pm | Wednesday, January 22nd, 2014
MANILA, Philippines — Philippine Long Distance Telephone Co. has obtained clearance from the Securities and Exchange Commission to embark on a retail bond offering of as much as P15 billion to fund capital outlays this year.
According to a document obtained from the SEC on Wednesday, PLDT was authorized to offer seven and 10-year fixed-rate bonds with a base size of P10 billion but with an option to upsize by P5 billion.
Net proceeds from the offering will fund part of P11.8 billion in capital spending budgeted by PLDT for 2014 while a portion may also be used to refinance existing obligations which were incurred for service improvements and expansion, the document said.
The bonds will be issued in scripless form in minimum denominations of P50,000 each and in additional denominations of P10,000 thereafter.
Prior to the maturity date, PLDT will have the option – but not the obligation – to redeem in whole any series of these bonds. The seven-year bonds will redeemable on the fifth and sixth year from issue date and the 10-year bonds, on the seventh, eighth and ninth year from issue date.
Interest rate on the seven-year bonds is estimated at between 5.1704 percent and 5.5704 percent while interest on 10-year bonds is seen at between 5.2396 percent and 5.7396 percent.
PLDT intends to list the bonds on the local stock fixed income platform Philippine Dealing & Exchange Corp. on issue date.
Mandated by PLDT as joint lead underwriters for this offering are BDO Capital, BPI Capital, First Metro Investment Corp. and HSBC.
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Tags: bond offering , Business , PLDT , SEC
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