Hong Kong's First Pacific Said to Plan $300 Million Sale of 10-Year Bonds
First Pacific Co., the Hong Kong- listed company with telecommunications and infrastructure investments, plans to sell $300 million of 10-year bonds as soon as today, according to a person familiar with the matter.
Credit Agricole CIB and Standard Chartered Plc are managing the sale of the secured guaranteed notes, said the person, who asked not to be identified because the details are private. FPT Finance Ltd. will sell the bonds and First Pacific will guarantee them, the person said.
The notes are backed by shares of Philippine Long Distance Telephone Co., the person said. PLDT rose 3.44 percent to 2,524 pesos in Manila trading last week.
First Pacific raised $300 million of 7.375 percent notes in July. The extra yield investors demand to hold the 2017 notes rather than similar-maturity government debt has fallen 94 basis points to 402 basis points since then, according to Royal Bank of Scotland Group Plc prices. A basis point is 0.01 percentage point.
Calls to John Ryan, First Pacific spokesman, seeking comment weren’t immediately returned.