By Jennifer Chiou
New York, Nov. 2 - Philippine Long Distance Telephone Co. announced the pricing of a total of PHP 5 billion of notes in three maturities via 16 primary institutional lenders.
First Metro Investment Corp. and HSBC Corp. Ltd. were the joint lead managers for the oversubscribed offering.
The five-year notes yield 5.4692% while the seven-year notes came in at 5.4963%. The 10-year notes yield 6.2188%.
Settlement is slated for Nov. 8.
Proceeds will be used to finance capital expenditures and refinance existing debt obligations.
"The tight pricing in this transaction underscores the strong credit profile of PLDT," HSBC managing director, treasurer and head of global markets Wick Veloso said in a news release.
In other news, Fitch Ratings recently upgraded the issuer's long-term local-currency issuer default rating to A- from BBB+ with a stable outlook.
Philippine Long Distance Telephone is a diversified telecommunications company based in Makati City, the Philippines.
| Issuer: | Philippine Long Distance Telephone Co.
|
| Issue: | Notes
|
| Total amount: | PHP 5 billion
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 8
|
|
|
| Five-year notes
|
| Yield: | 5.4692%
|
| Maturity: | 2016
|
|
|
| Seven-year notes
|
| Yield: | 5.4963%
|
| Maturity: | 2018
|
|
|
| 10-year notes
|
| Yield: | 6.2188%
|
| Maturity: | 2021
|
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