By Marisa Wong
Madison, Wis., Sept. 21 - Philippine Long Distance Telephone Co. issued PHP 8.8 billion of fixed-rate corporate notes on Friday, according to 17-C filing with the Philippines Securities and Exchange Commission.
The company issued seven-year notes to yield 5.6038% and 10-year notes to yield 5.6423%.
BPI Capital and First Metro Investment Corp. acted as joint issue managers.
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 announced earlier this month that it planned to issue up to PHP 8 billon of fixed-rate corporate notes.
| Issuer: | Philippine Long Distance Telephone Co.
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| Issue: | Fixed-rate corporate notes
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| Amount: | PHP 8.8 billion
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| Underwriters: | BPI Capital and First Metro Investment Corp.
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| Settlement date: | Sept. 21
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|
|
| Seven-year notes
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| Maturity: | Seven years
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| Yield: | 5.6038%
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| 10-year notes
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| Maturity: | 10 years
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| Yield: | 5.6423%
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