PLDT upsizes loan to $145 million

PLDT has now completed its liability management exercise addressing its debts maturing in the next two years.

In what marks as the final component of its comprehensive liability management exercise, PLDT has successfully closed a four-year multi-currency loan, upsizing it to $145 million from an original size of $130 million. The $145 million loan comprises commitments in yen and US dollars amounting to JPY10.91 billion and $53.3 million respectively.

Ironically one of the lead managers of the offering, ING Bank is also financial advisor to First Pacific and some wonder whether it feels its loyalties torn, given First Pacific's protacted difficulties trying to sell the company in the face of opposition from PLDT board members led by Manny Pangilinan.

Proceeds from the deal will go towards part payment of a JPY...

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