Philippine Long Distance to exchange 78.38% of Digitel Capital bonds

By Marisa Wong

Madison, Wis., Jan. 31 - Philippine Long Distance Telephone Co. will exchange 78.38% of the zero-coupon exchangeable bonds due 2014 issued by Digitel Capital Philippines, Ltd. into common shares of Digital Telecommunications Phils., Inc. (Digitel), according to 17-C filing with the Securities and Exchange Commission.

The affected bonds will be exchanged into 14,640,761,750 common shares of Digitel. The exchange ratio is equal to one Digitel share for every PHP 1 redemption value of the bonds.

The original principal amount of the bonds was $190 million. In December Philippine Long Distance had exchanged 15.58% of the bonds. Following the current transaction, the outstanding principal amount of the bonds will be $11,462,014.

The exchange date has been set for Feb. 7.

Philippine Long Distance, the Makati City, Philippines-based diversified telecommunications company, acquired Digitel in October. Digitel Capital is a wholly owned subsidiary of Quezon City, Philippines-based Digitel. The Digitel companies specialize in mobile telecommunications.

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