PLDT completes bond tender

The Philippines telco achieves an overall acceptance ratio of 54.68% for the cash tender of its 2003 and 2004 dollar bonds.

The second part of PLDT's crucial liability management exercise was completed at New York's close on May 15, with a total of $180 million in bonds tendered. Proceeds from the recent $350 million twin tranche global bond offering were used to fund the company's buy-back of its shorter dated bonds, with the $170 million balance being used to pay down debt as it falls due.

Under the lead of dealer managers Credit Suisse First Boston and Morgan Stanley, a total face value of $62.97 million was tendered for the $125 million 8.5% June 2003 bond, equating to an acceptance ratio of 50.38%. Where the $204 million 10.635% 2004 bond was concerned, investors tendered a...

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