Lopez holding firm to pare down debt

A+
A
A-

MANILA, Philippines—First Philippine Holdings is set to retire P7.48 billion worth of debt stock as part of a strategy to pare down debt servicing cost.

In a disclosure to the Philippine Stock Exchange on Friday, FPH said its board had approved the redemption of all outstanding 43 million Series B preferred shares.  These preferred shares, issued in 2008, have a peso value of P4.3 billion.

At the same time, the FPH board approved the pre-payment of remaining fixed rate corporate notes (FXCNs ) consisting of seven and 10-year notes in the amount of P3.18 billion.

On the preferred shares, FPH has the option to redeem all these shares on the fifth anniversary of issue date, which falls this year.

Inquirer Viber

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • mamamiamia

    FAVE Stock ko ito mga amiga!

  • willbillywilly

    That certainly is a welcome development to it’s stockholders since it would increase it’s profit significantly

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement

popular

advertisement

videos