PLDT gears up for bond issue

Roadshows for the telco''s cash tender and bond offering are expected to start at the beginning of next week.

Under the joint lead management of Credit Suisse First Boston and Morgan Stanley, the Ba3BB- credit is currently putting the finishing touches to its critical de-leveraging exercise, with international presentations now expected to kick off at the beginning of next week, most likely starting in Singapore on Monday followed by Hong Kong on Tuesday.

PLDT has $1.610 billion debt coming due on a consolidated basis between 2002 and 2004 and its financial re-habilitation depends on the completion of the transaction, which was originally scheduled to launch last September, but was withdrawn after the attacks on the World Trade Centre in New York.

Since that time, PLDT's spreads may have veered out past...

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