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Wednesday, December 08, 2004
PLDT to prepay $106M in debt
THE Philippine Long Distance Telephone Co. (PLDT) yesterday said it will prepay on Dec. 20 the $106-million remaining balance of its $145-million multi-currency term loan facility.
The payment, two years ahead of the loan’s maturity, will be done so the company can save on interest expenses and reduce debt in its fixed line business, PLDT said in a statement to the Philippine Stock Exchange.
The latest move will enable PLDT to reduce its debt by $450 million this year, instead of the $350 million it earlier targeted.
PLDT’s fixed line debt balance by yearend will go down to about $2 billion. The company aims to cut its debt to below $1.5 billion by end-2006, PLDT president and chief executive officer Napoleon Nazareno said.
PLDT has been raking in the profits with the help of its wireless unit, Smart Communications. (CTL)
(December 8, 2004 issue)
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