Manila's PSALM launches global bond, debt swap offer - News

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Manila's PSALM launches global bond, debt swap offer

By: AFX | 16 Nov 2009 | 03:52 AM ET

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MANILA, Nov 16 (Reuters) - Philippine state agency PSALM said on Monday it had launched a new 2024 global bond issue of up to $600 million and re-opened its 2019 dollar bonds, with both to be swapped with its existing notes under a debt exchange programme. Holders of its $500 million 9.875 percent senior unsecured guaranteed notes due in 2010, $700 million zero coupon notes due 2010 and $400 million floating rate senior unsecured guaranteed notes due 2011 are eligible for the debt exchange, PSALM said in a statement. State lender Development Bank of the Philippines, Morgan Stanley & Co.

International Plc and UBS AG are the joint bookrunners of the global bond offering. PSALM said its bond offer will expire on Nov. 24, 5:00 p.m. New York time. (Reporting by Rosemarie Francisco) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: PHILIPPINES PSALM/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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