MANILA, Dec 8 (Reuters) - Philippine Long Distance Telephone Co (PLDT), the country's most valuable firm, has raised 7 billion pesos ($152 million) from selling fixed rate notes to fund next year's capital spending and to repay debt.
The sale includes 5.05 billion pesos in five-year notes, 850 million pesos in seven-year notes and 1.1 billion pesos in 10-year notes, priced at 100 basis points over comparable government bonds, PLDT said in a statement.
The lenders were a mix of commercial, savings and trust banks, a leasing company and a large insurance company.
Proceeds from the issue will be used to repay debt and finance 2010 capex, which PLDT President Napoleon Nazareno said could be more than 28 billion pesos -- slightly more than this year's 27 billion pesos.
PLDT has said the bulk of its 2010 spending will be on expanding its broadband and data services.
Banco de Oro Unibank, First Metro Investment Corp and China Banking Corp handled the debt deal.
PLDT, owned by Hong Kong's First Pacific Co Ltd, Japan's NTT Communications and NTT DoCoMo, has said it may beat its 2009 core profit outlook of 41 billion pesos ($891 million), up 8 percent from last year.
Shares in PLDT, valued at about $10.8 billion, ended flat on Tuesday in a wider market that fell more than 1.1 percent.
($1=46 pesos)
(Reporting by Karen Lema, Editing by Ian Geoghegan) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: PLDT/ (karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The sale includes 5.05 billion pesos in five-year notes, 850 million pesos in seven-year notes and 1.1 billion pesos in 10-year notes, priced at 100 basis points over comparable government bonds, PLDT said in a statement.
The lenders were a mix of commercial, savings and trust banks, a leasing company and a large insurance company.
Proceeds from the issue will be used to repay debt and finance 2010 capex, which PLDT President Napoleon Nazareno said could be more than 28 billion pesos -- slightly more than this year's 27 billion pesos.
PLDT has said the bulk of its 2010 spending will be on expanding its broadband and data services.
Banco de Oro Unibank, First Metro Investment Corp and China Banking Corp handled the debt deal.
PLDT, owned by Hong Kong's First Pacific Co Ltd, Japan's NTT Communications and NTT DoCoMo, has said it may beat its 2009 core profit outlook of 41 billion pesos ($891 million), up 8 percent from last year.
Shares in PLDT, valued at about $10.8 billion, ended flat on Tuesday in a wider market that fell more than 1.1 percent.
($1=46 pesos)
(Reporting by Karen Lema, Editing by Ian Geoghegan) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: PLDT/ (karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
