By Marisa Wong
Madison, Wis., March 21 - Philippine Long Distance Telephone Co. said it priced PHP 5 billion of five-year, seven-year and 10-year fixed-rate corporate notes on March 18.
The company said the notes came at a spread of 30 basis points over the relevant benchmark across all tenors. The five-year, seven-year and 10-year notes were fixed to yield 6.5692%, 7.3365% and 7.7946%, respectively.
The notes will be callable on any interest payment date after two years.
HSBC is the lead manager and bookrunner.
The issue date for the notes is March 24.
The company said the notes issue was 1.8 times oversubscribed, with orders totaling about PHP 9.09 billion.
Proceeds will be use to finance capital expenditures and refinance existing debt obligations.
Philippine Long Distance Telephone is a diversified telecommunications company based in Makati City, the Philippines.
| Issuer: | Philippine Long Distance Telephone Co.
|
| Issue: | Fixed-rate corporate notes
|
| Total amount: | PHP 5 billion
|
| Bookrunner: | HSBC
|
| Pricing date: | March 18
|
| Settlement date: | March 24
|
|
|
| Five-year notes
|
| Maturity: | Five years
|
| Yield: | 6.5692%
|
| Spread: | 30 bps over five-year benchmark
|
|
|
| Seven-year notes
|
| Maturity: | Seven years
|
| Yield: | 7.3365%
|
| Spread: | 30 bps over seven-year benchmark
|
|
|
| 10-year notes
|
| Maturity: | 10 years
|
| Yield: | 7.7946%
|
| Spread: | 30 bps over 10-year benchmark
|
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