|
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– |
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|
US$– |
|
Php– |
|
US$– |
|
Php– |
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|
(6) |
The purpose of this loan is to finance the supply of GSM mobile telephone equipment and related services. |
|
Loan |
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Terms |
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Repurchase |
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Paid in |
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Outstanding Amounts |
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Amount |
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Issuance Date |
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Trustee |
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Installments |
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Maturity |
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Date |
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Amount |
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full on |
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2017 |
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2016 |
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(in millions) |
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(in millions) |
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Fixed Rate Notes |
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PLDT |
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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. |
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Terms |
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Cancelled |
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|||
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Date of Loan |
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Final |
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Drawn |
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Undrawn |
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Paid in |
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Outstanding Amounts |
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|||||||||||||||
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Loan Amount |
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Agreement |
|
Lender(s) |
|
Installments |
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Installment |
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Dates Drawn |
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Amount |
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Amount |
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full on |
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2017 |
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2016 |
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(in millions) |
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(in millions) |
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||||||||||||||||||
|
Term Loans |
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GSM Network Expansion Facilities |
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Smart |
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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$– |
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Php– |
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|
US$– |
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Php– |
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Smart |
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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 |
|
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— |
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August 19, 2016 |
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— |
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— |
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— |
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— |
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Smart |
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|
US$50M(1) |
|
May 29, 2012 |
|
Bank of Tokyo |
|
9 equal semi-annual, commencing on May 29, 2013 |
|
May 29, 2017 |
|
Various dates in 2012 |
|
|
50 |
|
|
|
— |
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|
May 29, 2017 |
|
|
— |
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— |
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5(*) |
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|
276(*) |
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||
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|
US$– |
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|
Php– |
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|
US$5 |
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|
Php276 |
|
||||
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|
(*) |
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. |
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|
(2) |
The purpose of this loan is to finance the supply contracts for the modernization and expansion project. |
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Cancelled |
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|
Loan |
|
Date of Loan |
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|
Drawn |
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Undrawn |
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|
Paid in |
|
Outstanding Amounts |
|
|||||||||||||||
|
Amount |
|
Agreement |
|
Lender(s) |
|
Terms |
|
Dates Drawn |
|
Amount |
|
|
Amount |
|
|
full on |
|
2017 |
|
|
2016 |
|
||||||||||||
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|
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|
(in millions) |
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|
(in millions) |
|
||||||||||||||||||
|
Other Term Loans(1) |
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|
PLDT |
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|
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 |
|
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|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
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 |
|
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|
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|
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 |
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
||||
|
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|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
(in millions) |
|
||||||
|
Philippine Peso Debts |
|
|
|
|
|
|
|
|
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|
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|
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|
|
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|
|
Fixed Rate Corporate Notes(1) |
|
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|
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|
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Smart |
|
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|
|
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 |
|
|
|
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|
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PLDT |
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|
|
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|
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|
|
|
|
|
|
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 |
|
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|
|
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 |
|
|
|
|
|
|
|
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|
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|
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|
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|
|
PLDT |
|
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|
|
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|
|
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; |
|
|
|
|
|
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|
|
|
Smart |
|
|
|
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|
|
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|
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|
|
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|
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|
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|
|
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 |
|
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|
|
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|
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|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
PLDT |
|
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|
|
|
|
|
|
|
|
|
|
|
|
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.