Globe Telecom, the country's second-largest mobile phone operator, is increasing the size of its planned bond offering this month from P4 billion to P5 billion.
Globe said it has agreed to raise the offer's oversubscription option from P1 billion to P2 billion "in consideration of investor interest."
The company will issue P3 billion worth of 3- and 5-year bonds on February 25 to raise funds for its capital expenditures.
"Assuming the oversubscription option is fully exercised, Globe would issue up to P5 billion in aggregate principal amount of retail bonds," it said.
Globe's 2012 bonds would carry a coupon rate of 7.5 percent, payable quarterly, while its 2014 bonds would have a coupon rate of 8 percent.
BPI Capital Corp., BDO Capital Corp. and First Metro Investment Corp. are lead underwriters of the domestic bond issue.
Globe, owned by Singapore Telecommunications and local conglomerate Ayala Corp., said in November it wanted to raise a total of P10 billion from the local bond market this year.
The telecoms firm, which posted a 15 percent drop in last year's net income, had earmarked $350-$400 million as spending budget in 2009, down 16 percent from 2008, even as it forecast continued growth in its broadband business despite the slowing economy.
Globe plans to invest in international transmission links to support its mobile, broadband and enterprise businesses.