PLDT to re-finance debt

Telco mandates Credit Suisse First Boston and Morgan Stanley for a $450 million bond issue.

Philippines Long Distance Telephone Co PLDT is hoping to return to the international bond markets in September to term out its debt profile while interest rates remain low. The move forms part of a liability management programme, which has resulted in a gradual reduction of overall debt over the past year.

Local experts say the structure of the deal has not yet been decided and could either be an exchange offering or a new long-term bond, with proceeds being used to re-pay short-term debt either way. Analysts estimate that about Ps62 billion $1.2 billion of the group's Ps140 billion $2.64 billion total debt falls due between the peak years 2005 and 2007, of...

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