Lopez holding firm to pare down debt | Inquirer Business
Close  

Lopez holding firm to pare down debt

/ 02:59 PM February 08, 2013

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.

ADVERTISEMENT

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.

FEATURED STORIES

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, First Philippine Holdings, News, Stock Market
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.