PHILIPPINE Airlines (PAL) on Friday announced an additional offering of $50 million five-year senior notes, to be issued by its subsidiary Primero Agila Limited, a Cayman Islands exempted company, following a successful $300-million bond offering last month.
In a disclosure, PAL Holdings Inc., the airline’s parent company, said Primero Agila had priced its additional fixed-rate $50 million five-year senior notes, which will be consolidated and form a single series with the carrier's existing $300 million, 7.75 percent senior notes due 2031.
Settlement is scheduled for August 6 plus four working days to account for clearing time.
The combined notes “will be unconditionally and irrevocably guaranteed by PAL and Air Philippines Corporation and will be listed on the Singapore Exchange Securities Trading Limited,” PAL said in a disclosure.
The earlier $300-million bond offering attracted strong interest from a diversified global investor base, generating a final orderbook of more than $1.40 billion.
The country’s flag carrier has said that proceeds from the offering would be used to strengthen its network.
PAL Holdings shares on Friday edged up P0.01, or 0.46 percent, to close at P2.20 apiece.
