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MANILA - Philippine Long Distance Telephone Co. on Friday said it raised fresh funding to refinance its existing debts.
In a disclosure to the Philippine Stock Exchange, PLDT said it issued P8.80 billion worth of fixed-rate corporate notes to a group of primary institutional lenders.
The seven- and 10-year notes were fixed at a yield of 5.6038 percent and 5.6423 percent, respectively.
BPI Capital Corporation and First Metro Investment Corporation acted as the joint issue managers for this transaction.
PLDT said the proceeds will be used to refinance its existing debts in line with initiatives to reduce financing costs and extend the maturity of outstanding obligations.
The company said about P58.5 billion worth of principal amount outstanding as of June is scheduled to mature from 2012 to 2015.
Of this amount, P24.73 billion is owed by flagship mobile unit Smart Communications Inc.; P22.71 billion, PLDT; P10.581 billion, Digitel group; and P467 million, SPi Global.
PLDT's total consolidated long-term debt amounted to P112.774 billion as of June, down from P114.17 billion at end-December last year.
The PLDT group owns TV5, for which InterAksyon.com is the online news portal.
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