PLDT okays bond swap into Digitel shares
MANILA, Philippines - The Philippine Long Distance Telephone Co. (PLDT) board authorized yesterday the exchange of 78.38 percent of zero-coupon bonds due 2014, issued by Digitel Capital Philippines Ltd. and held by PLDT with an issue value of $190 million and face value of $590.1 million into 14.64 billion common shares of Digital Telecommunications Phils. Inc. (Digitel).
The value is calculated on the basis of the redemption value of the 2014 bonds for exchange as of Feb. 7, 2012, at the exchange ratio of one Digitel common share for every P1 redemption value of the 2014 bonds for exchange.
Last Dec. 8, 2011, PLDT exchanged 15.58 percent of the 2014 bonds. After the subject exchange, the remaining 2014 bonds amount to $11.46 million.
The board also approved the declaration of cash dividends out of the unaudited earnings of the company as of Sept. 30, 2011 on Series IV cumulative non-convertible redeemable preferred stock and Series GG 10 percent cumulative convertible preferred stock.
The cash dividend is P1 per outstanding share, of the company’s Series GG 10 percent cumulative convertible preferred stock, with ex-date of Feb. 24, 2012, and record date of Feb. 29, 2012, and payment date of March 30, 2012.
Also declared was P12.28 million on all of the outstanding shares of PLDT’s Series IV cumulative non-convertible redeemable preferred stock for the quarter ending March 15, 2012, payable on the same date to the holder of record on Feb. 20, 2012.
The Digitel board meanwhile approved the exchange by PLDT of 78.384 percent of the zero-coupon exchangeable bonds due 2014 issued by Digitel Capital, a wholly owned subsidiary of Digitel.
The same board approved the issuance of 14.64 billion common shares out of the authorized but unissued capital stock to implement the exchange.
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