PLDT in Islamic first

The Philippines'' major telecom company closes its first Islamic financing deal.

PLDT has announced that it has closed a five year, $50 million sale of future receivables in a deal arranged by Crosby, the pan Asian investment bank. The deal is noteable in that it is the first time that PLDT has targeted the Islamic financinal market for its funding.

Essentially, PLDT is selling future receivables from certain defined telecom assets into a special purpose vehicle which is being funded by a group of purchasers arranged by Crosby. These investors include a number of Islamic instiututions who have bought the equivalent of an Ijara or lease. This structure allows PLDT to meets its debt and covenant obligations, while also making it Islamic compliant for the particiapting...

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