"PLDT Loans from KfW Surpass $1 Billion Mark"
PSE Circular for Brokers No. 1634-98 • Philippine Stock Exchange • Circulars for Brokers • Jul 16, 1998
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July 16, 1998 PSE CIRCULAR FOR BROKERS NO. 1634-98 "PLDT Loans from KfW Surpass $1 Billion Mark" The Philippine Long Distance Telephone Company (PLDT) recently signed five loan agreements worth US$128 million with the financing institution Kreditanstalt fur Wiederaufbau (KfW) of Germany. With this transaction, KfW's loan commitments to PLDT have exceeded the $1 billion mark, making PLDT KfW's largest single private sector borrower and largest telecommunications client in the world. KfW extends long-term loans to finance goods and services of German exporters such as Siemens and Alcatel and affiliated European companies. The majority of the loans have been covered by HERMES guarantees of the Federal Republic of Germany, others by different European credit insurance companies (Osterreichische Kontrollbank of Austria, National Delcredere Office of Belgium, SACE of Italy). KfW has extended substantial portions of the loans to PLDT on an unsecured basis. LexLib The additional loans granted to PLDT will be used to finance its ongoing upgrading and expansion projects. KfW also extended a US$25 MM credit line for PLDT for capital goods and services to be obtained from German exporters and affiliates. PLDT representatives at the signing ceremony in Frankfurt, Germany were Antonio O. Cojuangco, President and CEO; Edgardo M. Del Fonso, Chief Financial Officer; Cesar G. Reyes, Senior Vice President; for Network Development; and Anthony B. Meer, Treasury Head.
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