Philippines' Globe Telecom plans to issue PHP 7 billion retail bonds

By Marisa Wong

Madison, Wis., June 28 - Globe Telecom, Inc. is proposing to issue up to PHP 10 billion of fixed-rate bonds, according to a news release.

The company announced last month that its board of directors approved an initial tranche PHP 7 billion retail bonds to be offered to institutional and retail investors within the year.

Depending on market conditions and other factors, Globe Telecom may issue an additional tranche of debt securities totaling up to PHP 3 billion, the release said.

Philippine Rating Services Corp. has assigned a PRS Aaa rating to both tranches.

The telecommunications company is based in Mandaluyong City, Philippines.

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