Philippine Long Distance arranges PHP 5 billion of financing via notes facility agreement

By Jennifer Chiou

New York, Feb. 19 - Philippine Long Distance Telephone Co. said it executed a PHP 5 billion notes facility agreement for five-year, seven-year and 10-year fixed-rate notes.

Originally, the company was looking to raise PHP 3 billion, but it raised the amount due to strong demand.

The company added that the 17 lenders were a mix of insurance companies, large local commercial, trust and savings banks, and retirement and provident funds.

Proceeds will go toward financing capital expenditures.

The agreement was arranged by First Metro Investment Corp., the investment banking arm of Metrobank Group.

Philippine Long Distance is a telecommunications provider based in Manila.

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