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

By Laura Lutz

Des Moines, Nov. 26 - Philippine Long Distance Telephone Co. received the consents that it needed to amend its 11 3/8% notes due 2012, 10½% notes due 2009 and 8.35% notes due 2017, according to a 6-K filing with the Securities and Exchange Commission.

The company received the necessary consents by 11 a.m. ET on Nov. 20, the early consent deadline.

As a result, the company amended 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.

The solicitations will expire at 11 a.m. ET on Nov. 27.

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

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

The company expects to make the payments on Dec. 3.

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

Philippine Long Distance is a telecommunications providers based in Manila.

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