Philippines PLDT selling notes to raise funds

Posted By on October 26, 2011

MANILA, Oct 26 (Reuters) – Philippine Long Distance Telephone Co (PLDT) <TEL.PS> said on Wednesday it was planning to sell notes to raise up to 5 billion pesos ($116 million) for capital expenditures and debt refinancing.

The country’s biggest telecommunications firm told the stock exchange it had mandated HSBC <HSBA.L> and First Metro Investment Corp <FMIC.PS> as arrangers of the debt issue. It did not provide other details.

PLDT said it was still finalising the timing and pricing of the notes issue, part of its planned borrowing for 2011.

The company made the disclosure to clarify a report by a local newspaper which said PLDT was looking to issue as much as 50 billion pesos worth of fixed rate notes on Nov. 7.

At 0410 GMT, PLDT shares rose about 1 percent in a market <.PSI> that was down 0.4 percent.

($1 = 43.1 pesos)