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MANILA, Nov 16 (Reuters) - Philippine state agency PSALM said it launched a new 2024 global bond issue of up to $600 million and reopened its 2019 dollar bonds as part of its first debt exchange programme. The agency, which oversees assets and debts of state power producer National Power Corp (Napocor), will raise as much as $600 million in new money and exchange a maximum of another $600 million worth of existing Napocor bonds into 2024 or 2019 notes. Holders of its $500 million 9.875 percent senior unsecured guaranteed notes due in 2010, $700 million zero coupon notes due in 2010, and $400 million floating rate senior unsecured guaranteed notes due in 2011 are eligible for the debt exchange, PSALM said in a statement. "We want to lengthen the maturity and save on interest payments," Jose Ibazeta, president of the Power Sector Assets and Liabilities Management Corp (PSALM), told Reuters. Yield on the Philippines' 2024 9.5 percent ROP bonds was at 6.467 percent, down 4.5 basis points. State lender Development Bank of the Philippines, Morgan Stanley & Co.
International Plc, and UBS AG are the joint dealer managers and bookrunners of the global bond offering. PSALM said its bond offer will expire on Nov. 24, at 5:00 p.m. New York time. It said it obtained an "approval in principle" to list its new global bonds on the Singapore Exchange Securities Trading Limited. Standard & Poor's Ratings assigned a BB minus rating to PSALM's new 2024 notes and reaffirmed the same rating on the re-opened 7.25 percent senior unsecured guaranteed notes due 2019. Moody's gave a Ba3 rating on the PSALM bond with a stable outlook, while Fitch assigned a BB rating. (Reporting by Rosemarie Francisco, Editing by Ian Geoghegan) ((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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