Philippine Long Distance gets needed consents for 11 3/8%, 10½%, 8.35% notes

By Jennifer Chiou

New York, Nov. 28 - Philippine Long Distance Telephone Co. announced the successful end of the consent solicitation for its $250 million 11 3/8% notes due 2012, $175 million 10½% notes due 2009 and $300 million 8.35% notes due 2017.

The company was seeking to amend covenants related to the limitation on restricted payments in the 11 3/8% notes and the limitation on dividends in all three series of notes.

Philippine Long Distance said it has executed supplemental indentures for the notes.

The solicitations expired at 11 a.m. ET on Nov. 27.

Holders who delivered consents by 11 a.m. ET on Nov. 20 received a consent payment of $6.25 for each $1,000 principal amount of notes.

Holders who consented after that early deadline but before the expiration date received $3.75 for each $1,000 principal amount of notes.

Deutsche Bank (London +44 0 207 545 8011 or Singapore +65 6423 5342) was the solicitation agent. D.F. King & Co, Inc. (800 431-9645 or collect 212 269-5550) was the information agent.

Philippine Long Distance is a telecommunications providers based in Manila.

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