Philippine Long Distance offers PHP 10 billion 5.225%, 5.2813% bonds

By Marisa Wong

Madison, Wis., Jan. 23 - Philippine Long Distance Telephone Co. said it is offering PHP 10 billion of 5.225% bonds due 2021 and 5.2813% bonds due 2024 with a PHP 5 billion oversubscription option.

This will be Philippine Long Distance's first Philippine Securities and Exchange Commission-registered peso retail bond issue, according to a 17-C filing with the Philippine SEC.

BDO Capital & Investment Corp., BPI Capital Corp., First Metro Investment Corp. and Hongkong and Shanghai Banking Corp. Ltd. are the joint lead underwriters and joint bookrunners.

First Metro Investment is also the issue coordinator.

The bonds will be offered to the public from Jan. 24 to Jan. 30, but the issuer may choose to close the offer period before Jan. 30.

Credit Rating and Investors Services Philippines, Inc. has rated the bonds AAA.

Proceeds will be used to finance capital expenditure and refinance some existing debt.

The telecommunications company is based in Makati City, Philippines.

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