By Rebecca Melvin
New York, June 17 – PLDT Inc. priced $600 million of senior notes (BBB+) in two tranches, according to a company news release on Wednesday.
The $300 million 2˝% long 10-year notes priced at 99.39 to yield 2.566%, or a spread of U.S. Treasuries plus 180 basis points. Pricing was tightened by 60 bps from initial talk.
The $300 million 3.45% 30-year notes priced at 99.168 to yield 3.495%, or 195 bps over Treasuries. Pricing was tightened by 65 bps from initial talk.
The order book was 17 times oversubscribed at $10.2 billion.
Credit Suisse (Singapore) Ltd. and UBS AG Singapore Branch were joint lead managers and joint bookrunners of the Regulation S notes.
The proceeds of the issuance of the notes will be used to refinance debt maturing in 2020 and 2021, prepay outstanding loans and finance capital expenditures.
PLDT is a telecommunications and digital services provider based in Manila, Philippines.
| Issuer: | PLDT Inc.
|
| Issue: | Notes
|
| Amount: | $600 million
|
| Bookrunners: | Credit Suisse (Singapore) Ltd. and UBS AG
|
| Settlement date: | June 23
|
| Rating: | S&P: BBB+
|
| Distribution: | Regulation S
|
|
|
| Long 10-year notes
|
| Amount: | $300 million
|
| Maturity: | Jan. 23, 2031
|
| Coupon: | 2˝%
|
| Price: | 99.39
|
| Yield: | 2.566%
|
| Spread: | Treasuries plus 180 bps
|
|
|
| 30-year notes
|
| Amount: | $300 million
|
| Maturity: | June 23, 2050
|
| Coupon: | 3.45%
|
| Price: | 99.168
|
| Yield: | 3.495%
|
| Spread: | Treasuries plus 195 bps
|
|
|
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