PLDT launches long-awaited cash tender and 144a bond

The telecoms group has decided to bite the bullet and proceed with its liability management exercise even though spreads have failed to tighten in.
Taking a view that its spreads are likely to remain range-bound over the coming few months, PLDT has decided to plough ahead with the launch of a cash tender and bond offering. At a total issue size of $250 million, the deal also marks a slight scaling back of plans for a $500 million offering and a recognition that the company needs to accept market reality to make it a success.

The structure of the transaction, which launched in New York on Friday, is very similar to a $600 million cash tender and global bond offering completed by Malaysian electricity company Tenaga in early March via HSBC and Lehman Brothers. HSBC is also...

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