MANILA - Philippine Long Distance Telephone Co has borrowed $300 million from foreign banks to refinance existing debts.
On the sidelines of the Philippine Investments Forum 2013, Annabelle Chua, PLDT treasurer on Wednesday, said the fresh loan was signed last January.
Last November, PLDT borrowed P6.20 billion. It also raised P8.80 billion worth of fixed-rate corporate notes to a group of primary institutional lenders to refinance its existing debts.
At end-September, PLDT's total debt stood at $3.1 billion, including the $500 million owed by Digital Telecommunications Philippines Inc (Digitel), which PLDT acquired in 2011. Digitel operates Sun Cellular.
In the first nine months of 2012, PLDT's net income fell by 6 percent to P28.7 billion from the previous year's P30.6 billion. For the third quarter alone, its profit slipped to P9.21 billion from P9.32 billion a year ago.
Consolidated service revenues rose 12 percent to P126.24 billion from P112.27 billion in 2011. In the third quarter, service revenues climbed to P41.52 billion from the previous year's P36.65 billion.
InterAksyon.com is the online news portal of TV5, a member of the PLDT group.
source: interaksyon.com
