The Philippine Long Distance Telephone Co. (PLDT) plans to raise up to P15 billion in the first quarter of 2014 to finance its capital expenditure and refinance its existing debts.
In a disclosure to the Philippine Stock Exchange, PLDT said that, “We disclose that the company has filed with the Security and Exchange Commission [SEC] an application for the registration of seven-year and 10-year fixed rate bonds in the aggregate principal amount of up to P10 billion with an over subscription option of up to P5 billion.”
The bonds are to be issued in the first quarter of 2014, subject to the SEC’s approval of the registration statement relating to the bonds, and the listing of the bonds with the Philippine Dealing and Exchange Corp.
The net proceeds of the said bond issuance will be used to finance capital expenditure and refinance existing obligations.
BDO Capital and Investment Corp., BPI Capital Corp. and Metro Investment Corp. and the Hong Kong and Shanghai Banking Corp. have been tapped as the joint issue managers, joint lead underwriters and joint bookrunners.
The company said that First Metro Investment Corp. will be the issue coordinator.