PLDT Inc. (the “Issuer” or “PLDT”) (PSE: TEL) (NYSE: PHI), the leading telecommunications and digital services provider in the Philippines, today announced that it will undertake a consent solicitation exercise relating to its 5.2250% 7-Year Fixed Rate Bonds due 2021 and 5.2813% 10-Year Fixed Rate Bonds due 2024, to amend PLDT’s maximum stand-alone Total Debt to EBITDA Ratio stipulated in the Trust Indenture from 3.0:1 to 4.0:1 (the “Proposed Amendment”).

The Proposed Amendment seeks to provide the Issuer with greater flexibility to support, if necessary, higher levels of capital expenditures and general corporate requirements given the pipeline of network expansion programs that PLDT would like to undertake and in order to serve the increasing data requirements of its customers so as to strengthen PLDT’s market position. Moreover, it will align the covenant ratio of PLDT’s outstanding debt capital market issuances with that of the existing bilateral facilities of both PLDT and its wholly-owned subsidiary, Smart Communications, Inc.

The consent solicitation exercise shall commence on 16 October 2019 and will expire on 15 November 2019 (12:00 pm, Philippines), unless such expiration date is adjusted to an earlier or later time or date by the Issuer in its sole discretion.

For and in consideration of the grant by a bondholder of record as of 8 October 2019 (5:00 pm, Philippines) of its consent to the Proposed Amendment, the Issuer shall pay each bondholder that delivers a properly and validly executed Consent Form a Consent Fee of PHP1.00 per PHP1,000 of the principal amount of the Bonds in respect of which the Consent Form is given.

Each bondholder of record shall be receiving a copy of the Issuer’s Consent Solicitation Statement explaining in detail the Proposed Amendment and the terms and conditions of the exercise. The Consent Solicitation Statement may also be downloaded from the Issuer’s website at www.pldt.com/investor-relations/pldt-retail-bond.

PLDT has appointed BDO Capital & Investment Corporation, BPI Capital Corporation and First Metro Investment Corporation as Advisors for the consent solicitation exercise.

This press release may contain some statements which constitute “forward-looking statements” that are subject to a number of risks and uncertainties that could affect PLDT’s business and results of operations. Although PLDT believes that expectations reflected in any forward-looking statements are reasonable, it can give no guarantee of future performance, action or events.

For further information, please contact:

Anabelle L. Chua
Tel No: 8816-8213

Leo I. Posadas
Tel No: 8816-8079

Ramon R. Isberto
Tel No: 8511-3101