PLDT’s Smart unit secures PHP5.5bn loan for debt refinancing

16 Mar 2012

Smart Communications, the mobile arm of Filipino telecoms powerhouse Philippine Long Distance Telephone Company (PLDT), has secured a loan worth PHP5.5 billion (USD129 million) from a group of 18 institutional lenders to refinance its existing debt and take advantage of the lower interest rates that are currently available. The cellco priced the five-year and ten-year fixed notes on 14 March ahead of their issuance on 19 March. It says the proceeds will be used ‘primarily to refinance existing debt obligations. With the current low level of interest rates, the transaction is expected to result in substantial savings for Smart Communications.’ First Metro Investment Corp (FMIC) is acting as lead arranger and sole book-runner for the deal.

Philippines, Smart Communications (Philippines)