XML 43 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Interest-bearing Financial Liabilities
 12 Months Ended
Dec. 31, 2017
Disclosure Of Detailed Information About Borrowings [Abstract]  
Interest-bearing Financial Liabilities

21.

Interest-bearing Financial Liabilities

As at December 31, 2017 and 2016, this account consists of the following:

 

 

 

2017

 

 

2016

 

 

 

(in million pesos)

 

Long-term portion of interest-bearing financial liabilities:

 

 

 

 

 

 

 

 

Long-term debt (Notes 9 and 28)

 

 

157,654

 

 

 

151,759

 

 

 

 

 

 

 

 

 

 

Current portion of interest-bearing financial liabilities:

 

 

 

 

 

 

 

 

Long-term debt maturing within one year (Notes 9 and 28)

 

 

14,957

 

 

 

33,273

 

 

Unamortized debt discount, representing debt issuance costs and any difference between the fair value of consideration given or received at initial recognition, included in our financial liabilities amounted to Php525 million and Php631 million as at December 31, 2017 and 2016, respectively.  See Note 28 – Financial Assets and Liabilities.

The following table describes all changes to unamortized debt discount for the years ended December 31, 2017 and 2016:

 

 

 

2017

 

 

2016

 

 

 

(in million pesos)

 

Unamortized debt discount at beginning of the year

 

 

631

 

 

 

676

 

Additions during the year

 

 

113

 

 

 

185

 

Accretion during the year included as part of

   Financing costs – net (Note 5)

 

 

(219

)

 

 

(230

)

Unamortized debt discount at end of the year (Note 28)

 

 

525

 

 

 

631

 

 

Long-term Debt

As at December 31, 2017 and 2016, long-term debt consists of:

 

Description

 

Interest Rates

 

2017

 

 

2016

 

 

 

 

 

(in millions)

 

U.S. Dollar Debts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Export Credit

   Agencies-Supported Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exportkreditnamnden,

   or EKN

 

1.4100% to 1.9000% and US$ LIBOR

   + 0.3000% in 2017 and 2016

 

US$11

 

 

Php547

 

 

US$31

 

 

Php1,533

 

China Export and Credit

   Insurance Corporation,

   or Sinosure

 

US$ LIBOR + 1.0000% to 1.8000% in 2016

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

EKN and AB Svensk

   Exportkredit, or SEK

 

3.9550% in 2016

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

11

 

 

 

547

 

 

 

31

 

 

 

1,533

 

Fixed Rate Notes

 

8.3500% in 2017 and 2016

 

 

—

 

 

 

—

 

 

 

228

 

 

 

11,362

 

Term Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSM Network Expansion

   Facilities

 

US$ LIBOR + 1.1125% in 2017 and  US$

   LIBOR + 0.8500% to 1.1125% in 2016

 

 

—

 

 

 

—

 

 

 

5

 

 

 

276

 

Others

 

2.8850% and US$ LIBOR + 0.7900% to

   1.6000% in 2017 and 2016

 

 

690

 

 

 

34,485

 

 

 

905

 

 

 

45,021

 

 

 

 

 

US$701

 

 

 

35,032

 

 

US$1,169

 

 

 

58,192

 

Philippine Peso Debts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Notes

 

5.3300% to 6.2600% in 2017 and 2016

 

 

 

 

 

 

15,675

 

 

 

 

 

 

 

21,105

 

Fixed Rate Retail Bonds

 

5.2250% to 5.2813% in 2017 and 2016

 

 

 

 

 

 

14,922

 

 

 

 

 

 

 

14,902

 

Term Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Term Loans

 

3.9000% to 6.64044%; BSP overnight rate

   and PDST-R2 + 1.0000% in 2017 and

   3.9000% to 5.6400%; BSP overnight

   rate - 0.3500% to BSP overnight rate

   and PDST-R2 + 1.0000% in 2016

 

 

 

 

 

 

106,982

 

 

 

 

 

 

 

90,833

 

 

 

 

 

 

 

 

 

 

137,579

 

 

 

 

 

 

 

126,840

 

Total long-term debt (Note 28)

 

 

 

 

 

 

 

 

172,611

 

 

 

 

 

 

 

185,032

 

Less portion maturing within one

   year (Note 28)

 

 

 

 

 

 

 

 

14,957

 

 

 

 

 

 

 

33,273

 

Noncurrent portion of long-term

   debt (Note 28)

 

 

 

 

 

 

 

Php157,654

 

 

 

 

 

 

Php151,759

 

 

The scheduled maturities of our consolidated outstanding long-term debt at nominal values as at December 31, 2017 are as follows:

 

 

 

U.S. Dollar Debt

 

 

Php Debt

 

 

Total

 

Year

 

U.S. Dollar

 

 

Php

 

 

Php

 

 

Php

 

 

 

(in millions)

 

2018

 

 

259

 

 

 

12,923

 

 

 

2,181

 

 

 

15,104

 

2019

 

 

110

 

 

 

5,493

 

 

 

14,616

 

 

 

20,109

 

2020

 

 

210

 

 

 

10,509

 

 

 

8,783

 

 

 

19,292

 

2021

 

 

45

 

 

 

2,267

 

 

 

19,923

 

 

 

22,190

 

2022

 

 

31

 

 

 

1,518

 

 

 

14,217

 

 

 

15,735

 

2023 and onwards

 

 

50

 

 

 

2,498

 

 

 

78,208

 

 

 

80,706

 

(Note 28)

 

 

705

 

 

 

35,208

 

 

 

137,928

 

 

 

173,136

 

 

 

 

In order to acquire imported components for our network infrastructure in connection with our expansion and service improvement programs, we obtained loans extended and/or guaranteed by various export credit agencies as at December 31, 2017 and 2016:

 

 

 

 

 

 

 

Terms

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan

 

Date of Loan

 

 

 

 

 

Final

 

 

 

Drawn

 

 

Undrawn

 

 

Paid in

 

 

Outstanding Amounts

 

Amount

 

Agreement

 

Lender(s)

 

Installments

 

Installment

 

Dates Drawn

 

Amount

 

 

Amount

 

 

full on

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

(in millions)

 

U.S. Dollar Debts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EKN, the Export-Credit Agency of

   Sweden

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DMPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$59.2M(1)

 

December 17, 2007

 

ING Bank N.V.,

   or ING

   Bank, Societe

   Generale

   and Calyon

 

18 equal

   semi-annual

 

March 31, 2017

 

Various

   dates in

   2008-2009

 

US$59.1

 

 

US$0.1

 

 

March 31, 2017

 

 

US$—

 

 

Php—

 

 

US$3

 

 

Php168

 

DMPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$51.2M(2)

 

December 17, 2007

 

ING Bank,Societe

   Generale and Calyon

 

18 equal

   semi-annual

 

June 30, 2017

 

Various dates in

   2008-2009

 

 

51.1

 

 

 

0.1

 

 

March 31, 2017

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

146

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$49M(3) Tranche A1: US$24M;

   Tranche A2: US$24M;

   Tranche B: US$1M

 

June 10, 2011

 

Nordea Bank AB

   (publ), or

   Nordea Bank,

   subsequently

   assigned to SEK on

   July 5, 2011

 

10 equal

   semi-annual

 

Tranche A1 and

   B:December 29,

   2016;

   Tranche A2:

   October 30,

   2017

 

Various

   dates in

   2012 and

   February 21,

   2013

 

 

49.0

 

 

 

—

 

 

April 28, 2017

 

 

 

—

 

 

 

—

 

 

5(*)

 

 

233(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$45.6M(3) Tranche A1: US$25M;

   Tranche A2: US$19M; Tranche B1:

   US$0.9M; Tranche B2: US$0.7M

 

February 22, 2013

 

Nordea Bank,

   subsequently

   assigned to SEK on

   July 3, 2013

 

10 equal

   semi-annual,

   commencing

   6 months

   after the

   applicable mean

   delivery date

 

Tranche A1 and B1:

   July 16, 2018;

   Tranche A2 and B2:

   April 15, 2019

 

Various dates in

   2013-2014

 

 

45.6

 

 

 

—

 

 

 

—

 

 

11(*)

 

 

547(*)

 

 

20(*)

 

 

986(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$11

 

 

Php547

 

 

US$31

 

 

Php1,533

 

 

 

(*)

Amounts are net of unamortized discount and/or debt issuance cost.

 

(1)

The purpose of this loan is to finance the equipment and service contracts for the Phase 7 North Luzon Expansion and Change-out Project.

 

(2)

The purpose of this loan is to finance the equipment and service contracts for the Phase 7 Expansion Project in Visayas and Mindanao.

 

(3)

The purpose of this loan is to finance the supply and services contracts for the modernization and expansion project.

 

 

 

 

 

 

 

Terms

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan

 

Date of Loan

 

 

 

 

 

Final

 

Dates

 

Drawn

 

 

Undrawn

 

 

Paid in

 

Outstanding Amounts

 

Amount

 

Agreement

 

Lender(s)

 

Installments

 

Installment

 

Drawn

 

Amount

 

 

Amount

 

 

full on

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

Sinosure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DMPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$23.8M(1)

 

November 10, 2008

 

ING Bank

 

14 equal

semi-annual

 

September 1,  2016

 

Various dates

in 2008-2009

 

US$23.8

 

 

US$–

 

 

March 1, 2016

 

US$–

 

 

Php–

 

 

US$–

 

 

Php–

 

DMPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$5.5M(2)

 

November 10, 2008

 

ING Bank

 

14 equal

semi-annual

 

September 1, 2016

 

Various dates

in 2008-2009

 

 

5.5

 

 

 

—

 

 

March 1, 2016

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

DMPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$4.9M(3)

 

November 10, 2008

 

ING Bank

 

14 equal

semi-annual

 

September 1, 2016

 

Various dates

in 2008-2009

 

 

4.9

 

 

 

—

 

 

March 1, 2016

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

DMPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$50M(4)

 

December 16, 2009

 

China Citic Bank

   Corporation Ltd.,

   subsequently assigned

   to ING Bank on

   December 9, 2011

 

14 equal

semi-annual

 

December 17, 2017

 

Various dates

in 2010

 

 

48.0

 

 

 

2.0

 

 

June 16, 2016

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

DMPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$117M(5)

 

September 15, 2010

 

China Development Bank

   and The Hong Kong

   and Shanghai Banking

   Corporation Limited

 

15 equal

semi-annual

 

April 10, 2018

 

Various dates

in 2011

 

 

116.3

 

 

 

1.0

 

 

April 11, 2016

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$–

 

 

Php–

 

 

US$–

 

 

Php–

 

 

 

(1)

The purpose of this loan is to finance the equipment and service contracts for the Phase 7 Core Expansion Project.

 

(2)

The purpose of this loan is to finance the equipment and service contracts for the supply of 3G network in NCR.

 

(3)

The purpose of this loan is to finance the equipment and service contracts for the Phase 7 Intelligent Network Expansion Project.

 

(4)

The purpose of this loan is to finance the equipment, software and related materials for the Phase 2 3G Expansion, transmission for the Phase 2 3G Expansion and Phase 8A NCR and South Luzon BSS Expansion Projects.

 

(5)

The purpose of this loan is to finance the purchase of equipment and related materials for the expansion of Phase 8A and 8B Core and IN Network Expansion; Phase 8B NCR and SLZ BSS Network Expansion Project and Phase 3 3G Network Roll-out Project.  

 

 

 

 

 

 

 

Terms

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

 

Loan

 

Date of Loan

 

 

 

 

 

Final

 

Dates

 

Drawn

 

Undrawn

 

Paid in

 

Outstanding Amounts

Amount

 

Agreement

 

Lender(s)

 

Installments

 

Installment

 

Drawn

 

Amount

 

Amount

 

full on

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

EKN and SEK, he Export edit gency

   of Sweden

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DMPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$96.6M(6)

 

April 28, 2009

 

Nordea Bank and ING Bank

 

17 equal

semi-annual

 

Tranche 1: February 28,

2018;

Tranche 2:

November 30, 2018

 

Various dates in

2009-2011

 

US$96.6

 

US$–

 

Tranche 1: August 30, 2016;

Tranche 2:

May 30, 2016

 

US$–

 

Php–

 

US$–

 

Php–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$–

 

Php–

 

US$–

 

Php–

 

 

(6)

The purpose of this loan is to finance the supply of GSM mobile telephone equipment and related services.

 

Loan

 

 

 

 

 

Terms

 

Repurchase

 

Paid in

 

Outstanding Amounts

Amount

 

Issuance Date

 

Trustee

 

Installments

 

Maturity

 

Date

 

Amount

 

full on

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

Fixed Rate Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$300M(1)

 

March 6, 1997

 

Deutsche Bank Trust

Company Americas

 

Non-

amortizing

 

March 6, 2017

 

Various dates

in 2008-2014

 

US$71.6

 

March 6, 2017

 

US$–

 

Php–

 

US$228(*)

 

Php11,362(*)

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

(1)

This fixed rate note has a coupon rate of 8.3500%.  The purpose of this note is to finance service improvements and expansion programs.

 

 

 

 

 

 

 

Terms

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Loan

 

 

 

 

 

Final

 

 

 

Drawn

 

 

Undrawn

 

 

Paid in

 

Outstanding Amounts

 

Loan Amount

 

Agreement

 

Lender(s)

 

Installments

 

Installment

 

Dates Drawn

 

Amount

 

 

Amount

 

 

full on

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

Term Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSM Network Expansion Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$60M(1)

 

June 6, 2011

 

The Bank of Tokyo-

Mitsubishi UFJ, Ltd., or

Bank of Tokyo

 

8 equal semi- annual,

commencing  on the 18th month from signing date

 

June 6, 2016

 

Various

dates in

2012

 

US$60

 

 

US$–

 

 

June 6, 2016

 

US$–

 

 

Php–

 

 

US$–

 

 

Php–

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$50M(2)

 

August 19, 2011

 

Finnish Export Credit, Plc,

or FEC

 

10 equal semi-annual,

commencing 6 months

after August 19, 2012

 

August 19, 2016

 

Various

dates in

2012

 

 

50

 

 

 

—

 

 

August 19, 2016

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$50M(1)

 

May 29, 2012

 

Bank of Tokyo

 

9 equal semi-annual,

commencing on

May 29, 2013

 

May 29, 2017

 

Various

dates in 2012

 

 

50

 

 

 

—

 

 

May 29, 2017

 

 

—

 

 

 

—

 

 

5(*)

 

 

276(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$–

 

 

Php–

 

 

US$5

 

 

Php276

 

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

(1)

The purpose of this loan is to finance the equipment and service contracts for the modernization and expansion project.

 

(2)

The purpose of this loan is to finance the supply contracts for the modernization and expansion project.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan

 

Date of Loan

 

 

 

 

 

 

 

Drawn

 

 

Undrawn

 

 

Paid in

 

Outstanding Amounts

 

Amount

 

Agreement

 

Lender(s)

 

Terms

 

Dates Drawn

 

Amount

 

 

Amount

 

 

full on

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

Other Term Loans(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$150M

 

March 7, 2012

 

Syndicate of Banks with

Bank of Tokyo as

Facility Agent

 

9 equal semi-annual, commencing on

the date which falls 12 months after

the date of the loan agreement, with

final installment on March 7, 2017

 

Various dates in

2012

 

US$150

 

 

US$–

 

 

March 7, 2017

 

US$–

 

 

Php–

 

 

US$17

 

 

Php830

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$300M

 

January 16, 2013

 

Syndicate of Banks with

Bank of Tokyo as

Facility Agent

 

9 equal semi-annual, commencing on

the date which falls 12 months after

the date of the loan agreement, with

final installment on January 16, 2018

 

Various dates in

2013

 

 

300

 

 

 

—

 

 

January 16, 2018

 

 

33

 

 

 

1,665

 

 

 

100

 

 

 

4,977

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$35M

 

January 28, 2013

 

China Banking Corporation,

or CBC

 

10 equal semi-annual, with final

installment on January 29, 2018

 

May 7, 2013

 

 

35

 

 

 

—

 

 

January 30, 2017

 

 

—

 

 

 

—

 

 

 

10

 

 

 

522

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$50M

 

March 25, 2013

 

FEC

 

9 equal semi-annual,

commencing six months after

drawdown date, with final

installment on March 23, 2018

 

Various dates

in 2013 and 2014

 

 

32

 

 

 

18

 

 

 

—

 

 

3(*)

 

178(*)

 

11(*)

 

 

531(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$80M

 

May 31, 2013

 

CBC

 

10 equal semi-annual,

commencing six months after

drawdown date, with final

installment on May 31, 2018

 

September 25, 2013

 

 

80

 

 

 

—

 

 

 

—

 

 

8

 

400

 

 

24

 

 

 

1,194

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$120M

 

June 20, 2013

 

Mizuho Bank Ltd.

and Sumitomo

Mitsui Banking Corporation with Sumitomo as

Facility Agent

 

8 equal semi-annual,

commencing six months after

drawdown date, with final

installment on June 20, 2018

 

September 25, 2013

 

 

120

 

 

 

—

 

 

 

—

 

 

15(*)

 

747(*)

 

45(*)

 

 

2,226(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$100M

 

March 7, 2014

 

Bank of Tokyo

 

9 equal semi-annual,

commencing 12 months after

drawdown date, with final

installment on March 7, 2019

 

Various dates

in 2014

March 2, 2015

 

90

 

10

 

 

 

—

 

 

 

—

 

 

33(*)

 

1,658(*)

 

55(*)

 

 

2,744(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$92

 

Php4,648

 

US$262

 

 

Php13,024

 

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

(1)

The purpose of this loan is to finance capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan

 

Date of Loan

 

 

 

 

 

 

 

Drawn

 

 

Undrawn

 

 

Paid in

 

 

Outstanding Amounts

 

Amount

 

Agreement

 

Lender(s)

 

Terms

 

Dates Drawn

 

Amount

 

 

Amount

 

 

full on

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

(in millions)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$50M

 

May 14, 2014

 

Mizuho Bank

Ltd.

 

9 equal semi-annual, commencing 11

months after drawdown date, with

final installment on May 14, 2019

 

July 1, 2014

 

US$50

 

 

US$–

 

 

 

—

 

 

US$17(*)

 

 

Php828(*)

 

 

US$28(*)

 

 

Php1,372(*)

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$100M

 

August 5, 2014

 

Philippine

National Bank,

or PNB

 

Annual amortization rate of 1% of the

issue price on the first year up to the

fifth year from the initial drawdown

date, with final installment on

August 11, 2020

 

Various dates in 2014

 

 

100

 

 

 

—

 

 

 

—

 

 

 

97

 

 

 

4,846

 

 

 

98

 

 

 

4,877

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$50M

 

August 29, 2014

 

Metrobank

 

Semi-annual amortization rate of 1%

of the issue price on the first year up

to the fifth year from the initial

drawdown date and the balance

payable upon maturity on

September 2, 2020

 

September 2, 2014

 

 

50

 

 

 

—

 

 

 

—

 

 

 

49

 

 

 

2,435

 

 

 

49

 

 

 

2,451

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$200M Tranche A: US$150M;

   Tranche B: US$50M

 

February 26, 2015

 

Bank of Tokyo

 

Commencing 36 months after loan

date, with semi-annual amortization of

23.75% of the loan amount on the first

and second repayment dates and seven

semi-annual amortizations of 7.5%

starting on the third repayment date,

with final installment on

February 25, 2022

 

Various dates in 2015

 

 

200

 

 

 

—

 

 

 

—

 

 

199(*)

 

 

9,945(*)

 

 

198(*)

 

 

9,879(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$200M

 

March 4, 2015

 

Mizuho Bank Ltd.

 

9 equal semi-annual installments

commencing on the date which falls

12 months after the loan date, with

final installment on March 4, 2020

 

Various dates in 2015

 

 

200

 

 

 

—

 

 

 

—

 

 

110(*)

 

 

5,511(*)

 

 

154(*)

 

 

7,663(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$100M

 

December 7, 2015

 

Mizuho Bank Ltd.

 

13 equal semi-annual installments

commencing on the date which falls

12 months after the loan date, with

final installment on December 7, 2022

 

Various dates in 2016

 

100

 

 

 

 

—

 

 

 

—

 

 

76(*)

 

 

3,791(*)

 

 

91(*)

 

 

4,521(*)

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$25M

 

March 22, 2016

 

NTT Finance Corporation

 

Non-amortizing, payable upon

maturity on March 30, 2023

 

March 30, 2016

 

 

25

 

 

 

—

 

 

 

—

 

 

25(*)

 

 

1,241(*)

 

 

25(*)

 

 

1,234(*)

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$25M

 

January 31, 2017

 

NTT Finance

Corporation

 

Non-amortizing, payable upon

maturity on March 27, 2024

 

March 30, 2017

 

 

25

 

 

 

—

 

 

 

—

 

 

25(*)

 

 

1,240(*)

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

598

 

 

 

29,837

 

 

 

643

 

 

 

31,997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$690

 

 

Php34,485

 

 

US$905

 

 

Php45,021

 

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

 

 

Date of Loan

 

 

 

 

 

Date of Issuance/

 

Prepayments

 

 

Outstanding Amounts

 

Loan Amount

 

Agreement

 

Facility Agent

 

Terms

 

Drawdown

 

Amount

 

 

Date

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

(in millions)

 

Philippine Peso Debts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate Corporate Notes(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,500M Series A: Php1,910M;

 

March 15, 2012

 

Metrobank

 

Series A: 1% annual amortization starting March 19, 2013, with the balance of 96% payable on March 20, 2017;

 

Drawn and issued on

March 19, 2012

 

Php1,376

2,803

 

 

July 19, 2013

June 19, 2017

 

 

Php-

 

 

Php3,930(*)

 

Series B: Php3,590M

 

 

 

 

 

Series B: 1% annual amortization starting March 19, 2013 with the balance of 91% payable on March 19, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

 

July 25, 2012

 

Metrobank

 

Annual amortization rate of 1% of the issue price on the first year up to the sixth year from issue date and the balance payable upon maturity on July 27, 2019

 

July 27, 2012

 

 

1,188

 

 

July 29, 2013

 

 

 

285

 

 

 

288

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,800M Series A: Php4,610M;

 

September 19, 2012

 

Metrobank

 

Series A: 1% annual amortization on the first up to sixth year, with the balance payable on September 21, 2019;

 

September 21, 2012

 

 

2,055

 

 

June 21, 2013

 

 

 

6,408

 

 

 

6,475

 

Series B: Php4,190M

 

 

 

 

 

Series B: 1% annual amortization on the first up to ninth year, with the balance payable on September 21, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php6,200M Series A: 7-year

   notesPhp3,775M;

 

November 20, 2012

 

BDO Unibank, Inc., or BDO

 

Series A: Annual amortization rate of 1% of the issue price on the first year up to the sixth year from issue date and the balance payable upon maturity on November 22, 2019;

 

November 22, 2012

 

 

—

 

 

 

—

 

 

 

5,890

 

 

 

5,952

 

Series B: 10-year notesPhp2,425M

 

 

 

 

 

Series A: Annual amortization rate of 1% of the issue price on the first year up to the sixth year from issue date and the balance payable upon maturity on November 22, 2019;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,376M Series A: Php742M;

 

June 14, 2013

 

Metrobank

 

Series A: Annual amortization equivalent to 1% of the principal amount starting June 19, 2014 with the balance of 97% payable on March 20, 2017;

 

June 19, 2013

 

 

608

 

 

June 19, 2017

 

 

 

—

 

 

 

1,335

 

Series B: Php634M

 

 

 

 

 

Series B: Annual amortization equivalent to 1% of the principal amount starting June 19, 2014 with the balance of 92% payable on March 21, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,055M Series A: Php1,735M;

 

June 14, 2013

 

Metrobank

 

Series A: Annual amortization rate of 1% of the issue price up to the fifth year and the balance payable upon maturity on September 21, 2019;

 

June 21, 2013

 

 

—

 

 

 

—

 

 

 

1,952

 

 

 

1,973

 

Series B: Php320M

 

 

 

 

 

Series B: Annual amortization rate of 1% of the issue price up to the eighth year and the balance payable upon maturity on September 21, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,188M

 

July 19, 2013

 

Metrobank

 

Annual amortization rate of 1% of the issue on the first year up to the fifth year from the issue date and the balance payable upon maturity on July 27, 2019

 

July 29, 2013

 

 

—

 

 

 

—

 

 

 

1,140

 

 

 

1,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php15,675

 

 

Php21,105

 

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

(1)

The purpose of this loan is to finance capital expenditures and/or refinance existing loan obligations which were utilized for network expansion and improvement programs.

 

 

 

 

 

 

 

 

 

Date of Issuance/

 

Prepayments

 

 

Outstanding Amounts

Loan Amount

 

Date of Agreement

 

Paying Agent

 

Terms

 

Drawdown

 

Amount

 

Date

 

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

(in millions)

Fixed Rate Retail Bonds(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php15,000M

 

January 22, 2014

 

Philippine Depositary Trust Corp.

 

Php12.4B – non-amortizing, payable in full upon maturity on February 6, 2021;

Php2.6B – non-amortizing payable in full on February 6, 2024

 

February 6, 2014

 

Php–

 

 

—

 

 

Php14,922(*)

 

Php14,902(*)

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

(1)

This fixed rate retail corporate bond is comprised of Php12.4 billion and Php2.6 billion due in 2021 and 2024 with a coupon rate of 5.2250% and 5.2813%, respectively.  The purpose of this loan is to finance capital expenditures and/or refinance existing loan obligations which were utilized for network expansion and improvement programs.

 

Loan

 

Date of Loan

 

 

 

 

 

Dates

 

Drawn

 

 

Cancelled

Undrawn

 

 

 

 

 

 

Outstanding Amounts

 

Amount

 

Agreement

 

Lender(s)

 

Terms

 

Drawn

 

Amount

 

 

Amount

 

 

Paid in full on

 

 

2017

 

 

2016

 

 

 

 

 

 

 

(in millions)

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Term Loans(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

 

March 20, 2012

 

RCBC

 

Annual amortization rate of 1% on the fifth year up to the ninth year from the initial drawdown date and the balance payable upon maturity on April 12, 2022

 

April 12, 2012

 

Php2,000

 

 

Php–

 

 

 

—

 

 

Php1,980

 

 

Php2,000

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

 

April 27, 2012

 

Land Bank of the Philippines, or LBP

 

Annual amortization rate of 1% on the first year up to the fourth year from drawdown date and the balance payable upon maturity on July 18, 2017

 

July 18, 2012

 

 

3,000

 

 

 

—

 

 

January 18, 2017

 

 

 

—

 

 

 

2,880

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

 

May 29, 2012

 

LBP

 

Annual amortization rate of 1% on the first year up to the fourth year from drawdown date and the balance payable upon maturity on June 27, 2017

 

June 27, 2012

 

 

2,000

 

 

 

—

 

 

June 27, 2017

 

 

 

—

 

 

 

1,920

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

 

June 7, 2012

 

LBP

 

Annual amortization rate of 1% of the principal amount commencing on the first year of the initial drawdown up to the fourth year and the balance payable upon maturity on August 22, 2017

 

August 22, 2012

 

 

1,000

 

 

 

—

 

 

February 22, 2017

 

 

 

—

 

 

 

960

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php200M

 

August 31, 2012

 

Manufacturers Life Insurance Co. (Phils.), Inc.

 

Payable in full upon maturity on October 9, 2019

 

October 9, 2012

 

 

200

 

 

 

—

 

 

 

—

 

 

 

200

 

 

 

200

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

 

September 3, 2012

 

Union Bank of the Philippines, or Union Bank

 

Annual amortization rate of 1% on  the first year up to the sixth year from the initial drawdown date and the balance payable upon maturity on January 13, 2020

 

January 11, 2013

 

 

1,000

 

 

 

—

 

 

 

—

 

 

 

960

 

 

 

970

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

 

October 11, 2012

 

Philippine American Life and General Insurance Company, or Philam Life

 

Payable in full upon maturity on December 5, 2022

 

December 3, 2012

 

 

1,000

 

 

 

—

 

 

 

—

 

 

 

1,000

 

 

 

1,000

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

 

December 17, 2012

 

LBP

 

Annual amortization rate of 1% of the principal amount on the first year up to the sixth year commencing on the first year anniversary of the initial drawdown and the balance payable upon maturity on December 20, 2019

 

Various dates in 2012-2013

 

 

3,000

 

 

 

—

 

 

 

—

 

 

 

2,850

 

 

 

2,880

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

 

November 13, 2013

 

Bank of the Philippine Islands, or BPI

 

Annual amortization rate of 1% on the first year up to the sixth year from the initial drawdown and the balance payable upon maturity on November 22, 2020

 

Various dates in 2013-2014

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

1,920

 

 

 

1,940

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

 

November 25, 2013

 

Metrobank

 

Annual amortization rate of 10% of the total amount drawn for six years and the final installment is payable upon maturity on November 27, 2020

 

November 29, 2013

 

 

3,000

 

 

 

—

 

 

 

—

 

 

1,795(*)

 

 

2,093(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php10,705

 

 

Php16,843

 

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

(1)

The purpose of this loan is to finance the capital expenditures and/or refinance existing loan obligations, which were utilized for service improvements and expansion programs.

 

Loan

 

Date of Loan

 

 

 

 

 

 

 

Drawn

 

 

Cancelled

Undrawn

 

 

 

 

 

 

Outstanding Amounts

 

Amount

 

Agreement

 

Lender(s)

 

Terms

 

Dates Drawn

 

Amount

 

 

Amount

 

 

Paid in full on

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

(in millions)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

 

December 3, 2013

 

BPI

 

Annual amortization rate of 1% of the total amount drawn for the first six years and the final installment is payable upon maturity on December 10, 2020

 

December 10, 2013

 

Php3,000

 

 

Php–

 

 

 

—

 

 

Php2,874(*)

 

 

Php2,901(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

 

January 29, 2014

 

LBP

 

Annual amortization rate of 1% of the principal amount on the first year up to the sixth year commencing on the first year anniversary of the initial drawdown and the balance payable upon maturity on February 5, 2021

 

February 5, 2014

 

 

3,000

 

 

 

—

 

 

 

—

 

 

2,903(*)

 

 

2,931(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php500M

 

February 3, 2014

 

LBP

 

Annual amortization rate of 1% of the principal amount on the first year up to the sixth year commencing on the first year anniversary of the initial drawdown and the balance payable upon maturity on February 5, 2021

 

February 7, 2014

 

 

500

 

 

 

—

 

 

 

—

 

 

 

485

 

 

 

490

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

 

March 26, 2014

 

Union Bank

 

Annual amortization rate of 1% of the principal amount on the first year up to the sixth year commencing on the first year anniversary of the initial drawdown and the balance payable upon maturity on March 29, 2021

 

March 28, 2014

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

1,940

 

 

 

1,960

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

 

April 2, 2014

 

Philam Life

 

Payable in full upon maturity on April 4, 2024

 

April 4, 2014

 

 

1,500

 

 

 

—

 

 

 

—

 

 

 

1,500

 

 

 

1,500

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php500M

 

April 2, 2014

 

BDO

 

Annual amortization rate of 1% of the principal amount on the first year up to the sixth year commencing on the first year anniversary of the initial drawdown and the balance payable upon maturity on April 2, 2021

 

April 4, 2014

 

 

500

 

 

 

—

 

 

 

—

 

 

 

485

 

 

 

490

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

 

May 23, 2014

 

Philam Life

 

Payable in full upon maturity on

May 28, 2024

 

May 28, 2014

 

 

1,000

 

 

 

—

 

 

 

—

 

 

 

1,000

 

 

 

1,000

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

 

June 9, 2014

 

LBP

 

Annual amortization rate of 1% on the first year up to the ninth year from initial drawdown date and the balance payable upon maturity on June 13, 2024

 

June 13, 2014

 

 

1,000

 

 

 

—

 

 

 

—

 

 

 

970

 

 

 

980

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

 

July 28, 2014

 

Union Bank

 

Annual amortization rate of 1% on the first year up to the ninth year from initial drawdown date and the balance payable upon maturity on July 31, 2024

 

July 31, 2014

 

 

1,500

 

 

 

—

 

 

 

—

 

 

 

1,455

 

 

 

1,470

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

 

February 25, 2015

 

BPI

 

Annual amortization rate of 1% on the first year up to the ninth year from initial drawdown date and the balance payable upon maturity on March 24, 2025

 

Various dates in 2013-2014

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

1,960

 

 

 

1,980

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

 

June 26, 2015

 

BPI

 

Annual amortization rate of 1% on the first year up to the ninth year from initial drawdown date and the balance payable upon maturity on June 30, 2025

 

June 30, 2015

 

 

3,000

 

 

 

—

 

 

 

—

 

 

 

2,940

 

 

 

2,970

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

 

August 3, 2015

 

Metrobank

 

Annual amortization rate of 1% on the first year up to the ninth year from initial drawdown date and the balance payable upon maturity on September 23, 2025

 

Various dates in 2015

 

 

5,000

 

 

 

—

 

 

 

—

 

 

 

4,900

 

 

 

4,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php23,412

 

 

Php23,622

 

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

Loan

 

Date of Loan

 

 

 

 

 

Dates

 

Drawn

 

 

Cancelled

Undrawn

 

 

 

 

 

 

Outstanding Amounts

 

Amount

 

Agreement

 

Lender(s)

 

Terms

 

Drawn

 

Amount

 

 

Amount

 

 

Paid in full on

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

(in millions)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

 

August 11, 2015

 

Metrobank

 

Annual amortization rate of 1% of the principal amount on the first year up to the ninth year commencing on the first year anniversary of the initial drawdown date and the balance payable upon maturity on September 1, 2025

 

September 1, 2015

 

Php5,000

 

 

Php–

 

 

 

—

 

 

Php4,880(*)

 

 

Php4,928(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

 

December 11, 2015

 

BPI

 

Annual amortization rate of 1% of the principal amount on the first year up to the ninth year commencing on the first year anniversary of the initial drawdown date and the balance payable upon maturity on December 21, 2025

 

December 21, 2015

 

 

5,000

 

 

 

—

 

 

 

—

 

 

4,880(*)

 

 

4,927(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

 

December 16, 2015

 

Metrobank

 

Annual amortization rate of 1% of the principal amount up to the tenth year commencing on the first year anniversary of the initial drawdown and the balance payable upon maturity on June 29, 2026

 

December 28, 2015

 

 

5,000

 

 

 

—

 

 

 

—

 

 

4,879(*)

 

 

4,927(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php7,000M

 

December 18, 2015

 

CBC

 

Annual amortization rate of 1% of the principal amount on the third year up to the sixth year from the initial drawdown date, with balance payable upon maturity on December 28, 2022

 

December 28, 2015 and

February 24, 2016

 

 

7,000

 

 

 

—

 

 

 

—

 

 

6,983(*)

 

 

6,973(*)

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

 

July 1, 2016

 

Metrobank

 

Annual amortization rate of 1% on the first year up to the ninth year from initial drawdown date and the balance payable upon maturity on February 22, 2027

 

February 20, 2017

 

 

3,000

 

 

 

—

 

 

 

—

 

 

2,986(*)

 

 

 

—

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php6,000M

 

July 1, 2016

 

Metrobank

 

Annual amortization rate of 1% on the first year up to the sixth year from initial drawdown date and the balance payable upon maturity on August 30, 2023

 

August 30,

2016 and November 10, 2016

 

 

6,000

 

 

 

—

 

 

 

—

 

 

5,915(*)

 

 

5,971(*)

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,000M

 

July 14, 2016

 

Security Bank

 

Semi-annual amortization rate of 1% of the total amount drawn starting from the end of the first year after the initial drawdown date until the ninth year and the balance payable on maturity on March 1, 2027

 

February 27, 2017

 

 

8,000

 

 

 

—

 

 

 

—

 

 

7,963(*)

 

 

 

—

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php6,500M

 

September 20, 2016

 

BPI

 

Annual amortization rate of 1% on the first year up to the sixth year from initial drawdown date and the balance payable upon maturity on November 2, 2023

 

November 2, 2016 and December 19, 2016

 

 

6,500

 

 

 

—

 

 

 

—

 

 

6,407(*)

 

 

6,483(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

 

September 28, 2016

 

BDO

 

Annual amortization rate of 1% of the principal amount on the first year up to the ninth year commencing on the first year anniversary of the initial drawdown date and the balance payable upon maturity on October 5, 2026

 

October 5, 2016

 

 

3,000

 

 

 

—

 

 

 

—

 

 

 

2,970

 

 

2,985(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,400M

 

September 28, 2016

 

Union Bank

 

Annual amortization rate of 1% of the principal amount on the first year up to the sixth year commencing on the first year anniversary of the initial drawdown date and the balance payable upon maturity on October 24, 2023

 

Various dates in 2013-2014

 

 

5,400

 

 

 

—

 

 

 

—

 

 

5,333(*)

 

 

5,374(*)

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,300M

 

October 14, 2016

 

BPI

 

Annual amortization rate of 1% on the first year up to the sixth year from initial drawdown date and the balance payable upon maturity on December 19, 2023

 

December 19, 2016

 

 

5,300

 

 

 

—

 

 

 

—

 

 

5,224(*)

 

 

5,300(*)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,500M

 

October 27, 2016

 

CBC

 

Annual amortization rate of 10% of the amount drawn starting on the third year up to the sixth year, with balance payable upon maturity on December 8, 2023

 

December 8, 2016

 

 

2,500

 

 

 

—

 

 

 

—

 

 

 

2,500

 

 

 

2,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php60,920

 

 

Php50,368

 

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

Loan

 

Date of Loan

 

 

 

 

 

Dates

 

 

Drawn

 

 

Cancelled

Undrawn

 

 

 

 

 

 

Outstanding Amounts

 

Amount

 

Agreement

 

Lender(s)

 

Terms

 

Drawn

 

 

Amount

 

 

Amount

 

 

Paid in full on

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

(in millions)

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

 

October 28, 2016

 

Security Bank

 

Semi-annual amortization rate of 1% of the total amount drawn from first year up to the ninth year and the balance payable upon maturity on April 5, 2027

 

April 5, 2017

 

 

Php4,000

 

 

Php–

 

 

 

—

 

 

Php1,971(*)

 

 

Php–

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

 

December 16, 2016

 

PNB

 

Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the ninth anniversary of the advance and the balance payable upon maturity on December 7, 2027

 

December 7, 2017

 

 

 

1,000

 

 

 

—

 

 

 

—

 

 

 

1,000

 

 

 

—

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

 

December 22, 2016

 

LBP

 

Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the ninth anniversary of the advance and the balance payable upon maturity on January 21, 2028

 

January 22, 2018

 

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,500M

 

December 23, 2016

 

LBP

 

Annual amortization rate of 1% on the first year up to the ninth year after the drawdown date and the balance payable upon maturity on April 5, 2027

 

April 5, 2017

 

 

 

3,500

 

 

 

—

 

 

 

—

 

 

3,484(*)

 

 

 

—

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

 

April 18, 2017

 

PNB

 

Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the sixth year anniversary of the advance and the balance payable upon maturity on January 3, 2025

 

January 3, 2018

 

 

 

1,500

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

 

May 24, 2017

 

Security Bank

 

Semi-annual amortization rate of Php10 million starting on October 5, 2017 and every six months thereafter with the balance payable upon maturity on April 5, 2027

 

May 29, 2017

 

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

1,990

 

 

 

—

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,500 M

 

July 5, 2017

 

LBP

 

Annual amortization rate of 1% on the first year up to the ninth year after the drawdown date and the balance payable upon maturity on July 12, 2027

 

July 10, 2017

 

 

 

3,500

 

 

 

—

 

 

 

—

 

 

 

3,500

 

 

 

—

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

 

August 29, 2017

 

LBP

 

Annual amortization rate equivalent to 1% of the total loan payable on the first year up to the ninth year after the drawdown date and the balance payable upon maturity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

 

September 28, 2017

 

Union Bank

 

Annual amortization rate of 1% of the amount drawn starting on the first year anniversary of the advance up to the ninth year anniversary of the advance and the balance payable upon maturity on February 21, 2028

 

February 19, 2018

 

 

 

1,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,945

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php 106,982

 

 

Php 90,833

 

 

 

(*)

Amounts are net of unamortized debt discount and/or debt issuance cost.

 

 

Compliance with Debt Covenants

PLDT’s debt instruments contain restrictive covenants, including covenants that require us to comply with specified financial ratios and other financial tests, such as total debt to Adjusted EBITDA and interest cover ratio, at relevant measurement dates, principally at the end of each quarterly period.  We have complied with all of our maintenance financial ratios as required under our loan covenants and other debt instruments.

The principal factors that could negatively affect our ability to comply with these financial ratio covenants and other financial tests are depreciation of the Philippine peso relative to the U.S. dollar, poor operating performance of PLDT and its subsidiaries, impairment or similar charges in respect of investments or other long-lived assets that may be recognized by PLDT and its subsidiaries, and increases in our interest expense.  Interest expense may increase as a result of various factors including issuance of new debt, the refinancing of lower cost indebtedness by higher cost indebtedness, depreciation of the Philippine peso relative to the U.S. dollar, the lowering of PLDT’s credit ratings or the credit ratings of the Philippines, increase in reference interest rates, and general market conditions.  Of our total consolidated debts, approximately 20% and 31% were denominated in U.S. dollars as at December 31, 2017 and 2016, respectively.  Considering our consolidated hedges and U.S. dollar cash balances allocated for debt, the unhedged portion of our consolidated debt amounts were approximately 8% each as at December 31, 2017 and 2016, therefore, the financial ratio and other tests are expected to be negatively affected by any weakening of the Philippine peso relative to the U.S. dollar.  See Note 28 – Financial Assets and Liabilities – Foreign Currency Exchange Risk.

PLDT’s debt instruments contain a number of other negative covenants that, subject to certain exceptions and qualifications, restrict PLDT’s ability to take certain actions without lenders’ approval, including: (a) making or permitting any material change in the character of its business; (b) selling, leasing, transferring or disposing of all or substantially all of its assets or  any significant portion thereof other than in the ordinary course of business; (c) creating any lien or security interest; (d) permitting set-off against amounts owed to PLDT; and (e) merging or consolidating with any other company.

PLDT’s debt instruments also contain customary and other default provisions that permit the lender to accelerate amounts due or terminate their commitments to extend additional funds under the debt instruments.  These default provisions include: (a) cross-defaults that will be triggered only if the principal amount of the defaulted indebtedness exceeds a threshold amount specified in these debt instruments; (b) failure by PLDT to meet certain financial ratio covenants referred to above; (c) the occurrence of any material adverse change in circumstances that a lender reasonably believes materially impairs PLDT’s ability to perform its obligations under its debt instrument with the lender; (d) the revocation, termination or amendment of any of the permits or franchises of PLDT in any manner unacceptable to the lender;
(e) the nationalization or sustained discontinuance of all or a substantial portion of PLDT’s business; and (f) other typical events of default, including the commencement of bankruptcy, insolvency, liquidation or winding up proceedings by PLDT.

Smart’s debt instruments contain certain restrictive covenants that require Smart to comply with specified financial ratios and other financial tests at semi-annual measurement dates.  Smart’s loan agreements include compliance with financial tests such as Smart’s consolidated debt to consolidated Adjusted EBITDA and debt service coverage ratio.  The agreements also contain customary and other default provisions that permit the lender to accelerate amounts due under the loans or terminate their commitments to extend additional funds under the loans.  These default provisions include: (a) cross-defaults and cross-accelerations that permit a lender to declare a default if Smart is in default under another loan agreement.  These cross-default provisions are triggered upon a payment or other default permitting the acceleration of Smart debt, whether or not the defaulted debt is accelerated; (b) failure by Smart to comply with certain financial ratio covenants; and (c) the occurrence of any material adverse change in circumstances that the lender reasonably believes materially impairs Smart’s ability to perform its obligations or impair the guarantors’ ability to perform their obligations under its loan agreements.

The loan agreements with suppliers, banks (foreign and local alike) and other financial institutions provide for certain restrictions and requirements with respect to, among others, maintenance of percentage of ownership of specific shareholders, incurrence of additional long-term indebtedness or guarantees and creation of property encumbrances.

As at December 31, 2017 and 2016, we were in compliance with all of our debt covenants.  See Note 28 – Financial Assets and Liabilities – Derivative Financial Instruments.

Obligations under Finance Leases

The consolidated future minimum payments for finance leases and the long-term portion of obligations under finance leases (which cover various office equipment and vehicles) amounted to Php679 thousand and Php994 thousand as at December 31, 2017 and 2016, respectively.  See Note 2 – Summary of Significant Accounting Policies, Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Leases, Note 9 – Property and Equipment and Note 28 – Financial Assets and Liabilities.

Under the terms of certain loan agreements and other debt instruments, PLDT may not create, incur, assume, permit or suffer to exist any mortgage, pledge, lien or other encumbrance or security interest over the whole or any part of its assets or revenues or suffer to exist any obligation as lessee for the rental or hire of real or personal property in connection with any sale and leaseback transaction.