HOLDERS of Philippine Long Distance Telephone Co.’s debt notes that would fall due in 2009, 2012 and 2017 have given the phone giant consent to change the terms to its various bond issues, the company said Thursday.

In a statement, the company, also known as PLDT, said “PLDT has received the requisite consents on its consent solicitation relating to its outstanding 11.375% Notes due 2012 to effect certain proposed amendments to the indenture governing the 2012 Notes, and the requisite consents on its consent solicitation relating to its outstanding 10.500% notes due 2009 and 8.350% notes due 2017 to effect certain proposed amendments to the indenture governing the 2009 notes and 2017 notes.”

The PLDT bondholders gave their consent in response to a request the Philippine’s largest company by market value made earlier this year.

“PLDT has approached bondholders of its 10.5% Notes due 2009, 11.375% Notes due 2012 and 8.35% Notes due 2017, to seek their consent to amend the applicable limitations on dividends, shareholder distributions and restricted payments, according to a report on Bloomberg News.

The company requested to pay holders of the 2012 and 2017 notes $6.25 for each $1,000 principal amount and $5 for each $1,000 of the 2009 notes up to November 27. After that, PLDT would pay $2.50 and $3.75, respectively, for each $1,000 principal amount of the 2009 and 2017 notes. These new terms have been accepted by the bond holders, the company said.

PLDT expects to pay all holders that gave consent to the new terms an applicable consent fee on December 3.

The changes would give the phone giant greater flexibility on dividend payments.

At the PLDT Group level, total debt has been reduced 56 percent from $3.52 billion as of June 30, 2002, when the 2012 notes were issued, to $1.55 billion as of September 30.

PLDT’s key financial indicators, such as revenues, profitability and operating cash flows, have improved over time compared to when the notes were issued, the company said. PLDT has utilized cash flow from operations and dividends from its wholly-owned cellular subsidiary, Smart, to substantially reduce debt while resuming payment of dividends to shareholders since 2005.

 Credit ratings agencies, such as Fitch, have acknowledged these improvements by upgrading PLDT’s credit profile above the sovereign ratings of the Republic of the Philippines.

In connection with the consent solicitations, PLDT has retained Deutsche Bank as agent and D.F. King & Co Inc. as information and tabulation agent.

HOLDERS of Philippine Long Distance Telephone Co.’s debt notes that would fall due in 2009, 2012 and 2017 have given the phone giant consent to change the terms to its various bond issues, the company said Thursday.

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