PLDT formally withdraws cash tender offering

But it hopes to return with a tender and bond offering as soon as markets allow.

With one day to go before the expiration of an early repurchase option, the company decided to formally withdraw the SEC filing for its $329 million cash tender on Thursday. Observers say that PLDT believed this represented the most flexible of two options open to it. 

Having already cancelled the $250 million 10-year 144a bond that would have funded the buy-back, the company could have gone on indefinitely postponing the tender, launched in New York on September 7. Under SEC rules, it is possible to postpone a tender offering if there is a reasonable expectation of being able to re-launch it, explains one observer.

But, he adds, the company thought this would have created...

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