Philippines' Globe Telecom gives breakdown of two-tranche bond issue

By Marisa Wong

Madison, Wis., July 16 - Globe Telecom, Inc. priced PHP 4 billion of fixed-rate bonds due 2020 and PHP 3 billion of fixed-rate bonds due 2023.

The bonds will be listed on July 17 and begin trading in the corporate securities market of the Philippine Dealing and Exchange Corp., according to a notice delivered to the Philippine Securities and Exchange Commission and the Philippine Stock Exchange.

The company announced earlier this month that it received approval from the Philippine SEC to issue up to PHP 7 billion of fixed-rate bonds due 2020 and 2023 but did not specify the size of the individual tranches.

The company said 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. assigned an Aaa rating to the tranches.

The telecommunications company is based in Mandaluyong City, Philippines.

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