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Philippines’ PLDT to solicit consents to amend 2021, 2024 bonds
By Marisa Wong
Los Angeles, Oct. 11 – PLDT Inc. said it will launch a consent solicitation relating to its 5.225% fixed-rate bonds due 2021 and 5.2813% fixed-rate bonds due 2024.
The company is seeking to amend its maximum stand-alone total debt to EBITDA ratio stipulated in the indenture governing the notes. Specifically, the company wants to increase the ratio to 4.0 to 1 from 3.0 to 1.
The company said the proposed amendment would give it more flexibility to support, if necessary, higher levels of capital expenditures and general corporate requirements given the pipeline of network expansion programs that it would like to undertake and in order to serve the increasing data requirements of its customers in order to strengthen its market position.
In addition, the amendment would align the covenant ratio of PLDT’s outstanding debt capital market issuances with that of the existing bilateral facilities of both PLDT and its wholly owned subsidiary, Smart Communications, Inc.
The consent solicitation will begin on Oct. 16 and will expire on Nov. 15.
The issuer will offer a consent fee of PHP 1.00 per PHP 1,000 principal amount of bonds.
BDO Capital & Investment Corp., BPI Capital Corp. and First Metro Investment Corp. are advisers for the consent solicitation.
PLDT is a telecommunications and digital services provider based in Manila, Philippines.
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