Globe Telecom plans to call all $294 million 9¾% notes

By Laura Lutz

Des Moines, Jan. 12 - Globe Telecom, Inc. announced that it is making plans to redeem the $294 million outstanding principal amount of senior unsecured notes in April.

The 9¾% notes are scheduled to mature on April 12, 2012. The company may call the notes beginning on April 15 for 104.875% of the principal amount.

The company is considering the redemption to take advantage of the low-interest rate environment, according to a news release.

Globe said that Bangko Sentral ng Pilipinas approved its application to redeem the notes. It is in the process of securing consents from its creditors for the redemption.

To finance the redemption, the company has raised 5 billion pesos from a corporate note from Standard Charter Bank. Globe is finalizing another refinancing loan for $50 million.

Globe is a telecommunications firm based in Mandaluyong City, the Philippines.

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