Philippine Long Distance Telephone Company (PLDT) has confirmed plans to borrow up to PHP15 billion (USD342.4 million) in January-March 2014 to fund its capital expenditure programme and refinance debt. In a filing to the Filipino Securities and Exchange Commission (SEC), PLDT noted its registration of seven- and ten-year bonds worth a combined PHP10 billion. Additionally, the carrier’s registration covers a further PHP5 billion by way of an ‘over-allotment’ if demand warrants it. BDO Capital & Investment Corp, BPI Capital Corp, First Metro Investments Corp (FMIC) and the Hong Kong and Shanghai Corp Ltd have been appointed as joint issue managers, underwriters and book runners; FMIC will be the issue coordinator. PLDT has set aside total CAPEX of PHP29 billion for FY 2014.
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