PLDT hikes debut bond to P15-B


Posted at Feb 06 2014 02:05 PM | Updated as of Feb 06 2014 10:05 PM

MANILA, Philippines - Telecommunications giant Philippine Long Distance Telephone Co. (PLDT) on Thursday issued its debut peso retail bonds.

PLDT exercised its over subscription option and increased the total issue size to P15 billion from P10 billion.

The bonds, which have tenors of seven and 10 years, were more than twice oversubscribed. PLDT priced its bonds at 5.2250% and 5.2813% for its 7 and 10-year bonds respectively.

Of the P15 billion, P12.4 billion were allocated for the 7-year tranche and the rest for the 10-year tranche.

The bonds were listed at the Philippine Dealing and Exchange Corp. (PDEX) on Thursday.

PLDT president and CEO Napoleon Nazareno said the maiden bond offering will partially finance its capital expenditures this year. "With this issuance, PLDT is better positioned to further improve our network and services to our growing customer base," he said.

Earlier, Nazerno said PLDT is spending P29 billion for its capital expenditures this year.