MANILA, June 17 (Xinhua) -- Philippine telecommunication giant PLDT, Inc. on Wednesday said that it has raised 600 million U.S. dollars in a fully-online investment roadshow amid the COVID-19 pandemic.
PLDT said in a statement that it set the terms of its 10- and 30-year bonds -- the latter representing a landmark issuance for a non-government entity in the Philippines. The notes were priced at a fixed rate of 2.5 percent and 3.45 percent, respectively, and payable semi-annually, it added.
According to PLDT, the money will be used to re-finance existing loans and pay for network upgrades, which are crucial as internet demand surges higher.
The pandemic is also forcing more people to work from home and rely on e-commerce, remote education and healthcare, PLDT said.
PLDT chairperson and CEO Manuel Pangilinan said the company's last foray in the international bond market coincided with the Sept. 11, 2001 terror attacks in the United States.
"If one recalls, we were soon faced with a global crisis then, just as we are today. For the better part of those years, the road was mostly smooth, but there were bumps along the way which made our journey difficult," Pangilinan said in a statement on Wednesday.
"I believe we have now assembled possibly the best management team in our history, one that will allow us to realize the extraordinary potential of our business as an integrated telco," he added.
Global investors, including pension funds, banks and insurance companies mostly from Asia, swamped the offering, which was arranged by UBS AG Singapore and Credit Suisse (Singapore) Ltd.
Demand for the final offer hit 10.2 billion U.S. dollars, or 17 times the issue amount, making it the largest order book size and oversubscription achieved in the country.
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