Philippines Long Distance Telephone plans up to PHP 8 billion of notes

By Marisa Wong

Madison, Wis., Sept. 4 - Philippine Long Distance Telephone Co. plans to issue up to PHP 8 billion of corporate notes, according to company letter delivered to the Philippine Stock Exchange.

The company said it has appointed BPI Capital and First Metro Investment Corp. to arrange the facility.

Proceeds will be used to refinance existing debt as part of the company's initiatives to reduce financing costs and extend debt maturities.

The Makati City, Philippines-based telecommunications company said that it will make further announcements on the terms of the proposed debt.

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