PSE Circular for Brokers No. 1187-98
PSE Circular for Brokers No. 1187-98 • Philippine Stock Exchange • Circulars for Brokers • May 28, 1998
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May 28, 1998 PSE CIRCULAR FOR BROKERS NO. 1187-98 DISCLOSURE DEPARTMENT LISTINGS AND DISCLOSURE GROUP Philippine Stock Exchange, Inc. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Gentlemen : We are pleased to advise you of the following Company Announcement for release today: "Belle Corporation is please to announce that it has completed a refinancing package for its US$75 Million one-year Floating Rate Note (FRN) obligation. The refinancing involves two components the first is the pre-payment and retirement of US$21 Million of FRN's. The second component is the refinancing of the balance of US$54 Million by a loan package with an average life of approximately two years and an average cost of 1.8% above 6-month LIBOR. Jaime C. Gonzalez, Chairman of Belle Corporation, commenting on the refinancing package, said "We are pleased to have been able to arrange this refinancing despite today's difficult economic environment in Asia. We are particularly pleased because we have been able to substantially reduce our short-term, dollar denominated debt. This is completely consistent with our announced objective of reducing our overall foreign exchange exposure." Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary
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