PLDT floats P8-B corporate notes to refinance debt

To refinance its obligations, Philippine Long Distance Telephone Company  (PLDT) on Friday said it issued P8 billion worth of fixed rate corporate notes to a group of primary institutional lenders.   The seven and 10-year notes carry a fixed yield of 5.6030 per cent and 5.6423 per cent, respectively, the telco said.   BPI Capital Corporation and 1st Metro Investment Corporation were hired as joint issue managers for the transaction.   Following its liability management initiative to reduce financing costs and extend debt maturities, PLDT said proceeds from the note issue would refinance the company’s existing debts. — VS, GMA News