Philippines' Lopez Holdings begins cash tender offer for 7 7/8% notes

By Marisa Wong

Madison, Wis., Aug. 3 - Lopez Holdings Corp. began an offer to purchase for cash any and all of its $20,616,000 of outstanding 7 7/8% notes due 2002, according to a 17-C filing with the Philippines Securities and Exchange Commission. Lopez issued $150 million of the notes in 1997.

Holders will receive par.

The offer began on Aug. 2 and will expire at 5 p.m. ET on Sept. 1. Settlement will occur on Sept. 6.

The company said it also began a cash purchase offer and consent solicitation for its series A-2 long-term commercial paper issued in 1996.

The offers will be funded with available cash on hand.

ING Bank NV, Singapore Branch is the dealer manager, and Bondholder Communications Group, LLC is the information and tender agent for the notes offer.

Lopez is a Pasig City, Philippines-based holding company for investments in the broadcasting and cable, telecommunications, power generation and distribution and banking sectors.

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