Globe Telecom, the joint venture between Filipino conglomerate Ayala Corp and Singapore Telecommunications (SingTel), yesterday informed the Philippine Stock Exchange that it has amended its earlier cash offer to all the holders of Bayan Telecommunications (Bayan’s) remaining 13.5% senior debt notes due 2006, in a bid to sweeten the deal. Globe is looking to become the single major creditor of Bayan, which is under rehabilitation having seen its debts soar to levels of USD325 million in 2003. Bayan is paying off its debt under the plan, and the entry of the Ayala-backed group will see the latter assuming the creditors’ role in the rehab scheme going forward. It is understood that the sweetened deal involves settling each of the USD1,000 remaining principal notes for USD310 each – at the highest end of its previous offer range. Globe confirmed earlier that around 91.6% of the aggregate principal notes (i.e. approximately USD184.5 million worth) have been tendered and not withdrawn. Further, the telco has waived a previous condition that 70% of Bayan’s subsidiary Radio Communications Inc’s debt holders be included in the tender offer.