Lopez holding firm to pare down debt

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.