Philippines' Globe Telecom gets go-ahead for PHP 7 billion bonds

By Marisa Wong

Madison, Wis., July 9 - Globe Telecom, Inc. said it received approval on Monday from the Philippines Securities and Exchange Commission to issue up to PHP 7 billion of fixed-rate bonds due 2020 and 2023.

The company announced last month that it is looking to issue up to PHP 10 billion of fixed-rate bonds. In May its board of directors approved an initial tranche of PHP 7 billion 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, according to a previous press release.

Philippine Rating Services Corp. has assigned a Aaa rating to the proposed tranches.

The telecommunications company is based in Mandaluyong City, Philippines.

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