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Philippines' Globe Telecom calls $151 million of notes
By Reshmi Basu
New York, May 6 - Globe Telecom said it would redeem $151 million worth of bonds due 2009 in August, receiving approval from its boards of directors to exercise its call option.
The amount represents the remaining balance of the company's $220 million 13% bonds due 2009. The country's second largest wireless operator has previously redeemed $69 million of its 10-year 13% bonds.
"Globe's decision to exercise its option to redeem these bonds in August 2004 is part of Globe's liability management strategy to refinance more expensive debt," the company said in a news release.
The company also stated that the strategy would reduce interest expense.
Globe has raised a $50 million five-year term loan and a three billion peso retail issue to fund in part in the early redemption of the bonds, originally issued in August 1999.
Globe Telecom Inc. is jointly owned by Ayala Corp. and Singapore Telecommunication.
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