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First Pacific successfully redeemed US$251.9 Million bonds secured by a 12% interest in PLDT (TEL)

First Pacific Company Ltd. of Hong Kong owns 25.6% of PLDT (TEL) which in turn owns 100% of Smart Communications, Inc. First Pacific Company Ltd. has the famous Filipino executive, Manuel V. Pangilinan (MVP), as Managing Director and Chief Executive Officer.

In September 2010, FPT Finance Limited issued a US$400,000,000 6.375% bonds due 2020 irrevocably and unconditionally guaranteed by First Pacific Company Ltd. The bonds were secured by a pledge by the Philippine Telecommunications Investment Corp. (PTIC) of its 12% stake in PLDT Inc. PTIC appears in the top 100 principal stockholders of PLDT with a 12.05% shareholdings.

First Pacific acquired PTIC, first by buying the PTIC shares of the family of Antonio Cojuanco, Antonio Meer and the late Alfonso Yuchengco in 1998.  Then by acquiring the remaining shares in PTIC from the Philippine Government in 2007 during the Presidency of Gloria Macapagal Arroyo who finally sequestered the PTIC shares in favor of the government.

First Pacific Company Limited confirmed and announce that on September 28 2020, being the maturity date of the US$400,000,000 6.375% guaranteed secured bonds due September 28 2020 issued by FPT Finance Limited and guaranteed by First Pacific, US$251,786,000 in aggregate principal amount of the Bonds (being all the Bonds outstanding) were redeemed by FPT Finance Limited.

Earlier on September 11, 200, First Pacific completed the issuance of US$350,000,000 4.375% bonds due 2027.  The bonds were issued by  FPC Resources Limited irrevocably and unconditionally guaranteed by First Pacific Company Limited.

The 12% shares in PLDT of First Pacific Company held through PTIC may now have been freed from a margin loan.  This development may have alleviated the pressure in PLDT to maximize cash dividend distribution to shareholders as it faces a “triple threat” position.

Disclaimer and Disclosure: This is an independent analysis for discussion purposes with the aim of giving stock traders and investors an independent view point. Accuretti Systems Inc. in the course of day to day trading may have own, or is considering buying or disposing, the shares of the companies mentioned in this commentary.

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