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November 29, 2007 |
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PHIL LONG DISTANCE: Completes Consent Solicitation on Sr. Notes Philippine Long Distance Telephone Co. announced the successful completion of its consent solicitation relating to its outstanding 11.375% Notes due 2012, 10.500% Notes due 2009 and 8.350% Notes due 2017 to effect certain proposed amendments to the indenture governing the notes. Holders in excess of a majority in aggregate principal amount of each of the Notes have validly delivered their consents to the proposed amendments to the indentures governing the Notes. As a result, the Company and the relevant trustees have executed the supplemental indentures to the indentures governing the Notes. The Company expects to pay to all validly consenting holders the applicable consent fee on December 3, 2007. The Consent Solicitations were made pursuant to the Consent Solicitation Statements dated November 6, 2007 (the "Statements"). The Statements set forth and governed the terms and conditions of the Consent Solicitations as well as additional information about the terms of the Consent Solicitations. The Consent Solicitations expired at 11:00 a.m., New York City time, on November 27, 2007. All capitalized terms used and not defined herein shall have the meanings given to them in the Statements. Deutsche Bank acted as the Solicitation Agent and D.F. King & Co, Inc. as the Information Agent and the Tabulation Agent on the Consent Solicitations. About PLDT Based in Makati City, Philippines, Philippine Long Distance Telephone Co. -- http://www.pldt.com.ph/ -- is the leading national telecommunications service provider in the Philippines. Through three principal business groups -- wireless, fixed line, and information and communications technology -- the company offers a wide range of telecommunications services to over 22 million subscribers in the Philippines across the nation's most extensive fiber optic backbone and fixed line, cellular and satellite networks. * * * As of November 7, 2007, Philippine Long Distance Telephone Company carries Fitch Ratings' long-term foreign currency issuer default and senior notes ratings of 'BB+'. The company also carries Standard & Poor's 'BB+' foreign currency rating, as well as Moody's Investors Service's foreign currency bond rating of Ba2. |
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