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Globe Telecom's retail bonds to list on Philippine Dealing and Exchange Corporation (PDEx)

Globe Telecom, Inc. recently signed an agreement with the Philippine Dealing and Exchange Corporation (PDEx) list its P4.5 billion five-year and P5.5 billion seven-year fixed rate bonds due 2017 and 2019, respectively. The retail bonds will be listed on June 1, 2012 and will immediately thereafter begin trading in the corporate securities market of PDEx.
"We look forward to listing our latest retail bond issue with the PDEx. This will allow our investors to enjoy increased liquidity and transparency as they are able to see the best market prices." said Alberto M. De Larrazabal, Globe's Chief Financial Officer.

Taking advantage of the favorable interest rate environment, Globe is issuing the bonds to help fund the Company's ongoing network modernization and IT transformation program, as well as finance other capital expenditure requirements for the year. Globe's retail bond issue obtained a rating of PRS Aaa from Philippine Rating Services Corporation (PhilRatings), representing the highest rating available with the smallest degree of investment risk. The five-year bond, which has a term of five years and three months from issue date, and the seven-year bond have coupon rates of 5.75% and 6.00%, respectively.

Globe ended the first quarter of 2012 with conservative gearing ratios with gross debt-to-equity ratio at 1.09:1 and gross debt-to-EBITDA ratio at 1.48:1, well within its debt covenants of 2:1 and 3:1, respectively. Consolidated service revenues for the period surged to an all-time high of P20.2 billion with broad-based growth, while core net income stood at P2.7 billion.
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"Globe Telecom's retail bonds to list on Philippine Dealing and Exchange Corporation (PDEx)" was written by Mary under the Business category. It has been read 1866 times and generated 0 comments. The article was created on and updated on 01 June 2012.
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