By Reshmi Basu
New York, June 29 - The Republic of Philippines reopened its bonds due 2017 (Ba2/BB/BB) to raise $250 million for state-owned National Power Corp, according to a market source.
The $250 million add-on to its 9.375% bonds due Jan. 18, 2017 priced at 100.25 for a yield of 9.326% or a spread of U.S. Treasuries plus 461 basis points.
The $250 million tap brings the total deal size to $1 billion.
JP Morgan ran the books.
Issuer: Republic of Philippines
| Amount: | $250 million
|
| Issue: | Add-on to 9.375% notes due 2017
|
| Maturity: | Jan. 18, 2017
|
| Coupon: | 9.375%
|
| Issue price: | 100.25
|
| Yield: | 9.326%
|
| Spread: | 461 basis points over U.S. Treasuries
|
| Put option: | Jan. 18, 2012 |
|
| Pricing date: | June 29
|
| Settlement date: | July 7
|
| Bookrunner: | JP Morgan
|
| Ratings: | Moody's: Ba2
|
| Standard and Poor's: BB
|
| Fitch: BB
|
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