XML 40 R27.htm IDEA: XBRL DOCUMENT v3.22.1
Interest-bearing Financial Liabilities
 12 Months Ended
Dec. 31, 2021
Disclosure Of Detailed Information About Borrowings [Abstract]  
Interest-bearing Financial Liabilities

21.

Interest-bearing Financial Liabilities

As at December 31, 2021 and 2020, this account consists of the following:

 

 

 

2021

 

 

2020

 

 

 

(in million pesos)

 

Long-term portion of interest-bearing financial liabilities:

 

 

 

 

 

 

 

 

Long-term debt (Notes 28 and 29)

 

 

241,075

 

 

 

205,195

 

 

 

 

 

 

 

 

 

 

Current portion of interest-bearing financial liabilities:

 

 

 

 

 

 

 

 

Long-term debt maturing within one year (Notes 28 and 29)

 

 

11,482

 

 

 

17,570

 

 

 

 

252,557

 

 

 

222,765

 

 

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 Php2,857 million and Php1,262 million as at December 31, 2021 and 2020, respectively.  See Note 28 – Financial Assets and Liabilities.

The following table describes all changes to unamortized debt discount for the years ended December 31, 2021 and 2020:

 

 

 

2021

 

 

2020

 

 

 

(in million pesos)

 

Unamortized debt discount at beginning of the year

 

 

1,262

 

 

 

491

 

Additions during the year

 

 

1,768

 

 

 

927

 

Revaluations during the year

 

 

13

 

 

 

(10

)

Accretion during the year included as part of financing costs – net (Note 5)

 

 

(186

)

 

 

(146

)

Unamortized debt discount at end of the year

 

 

2,857

 

 

 

1,262

 

 

Long-term Debt

As at December 31, 2021 and 2020, long-term debt consists of:

 

 

 

 

 

2021

 

 

2020

 

Description

 

Interest Rates

 

U.S.

Dollar

 

 

Php

 

 

U.S.

Dollar

 

 

Php

 

 

 

 

 

(in millions)

 

U.S. Dollar Debts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate Notes

 

2.5000% to 3.4500% in 2021 and 2020

 

 

588

 

 

 

29,971

 

 

 

587

 

 

 

28,179

 

Term Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Others

 

2.8850% and US$ LIBOR +

   0.7900% to 1.0500% in 2021

   and 2.8850% and US$ LIBOR +

   0.7900% to 1.45000% in 2020

 

 

205

 

 

 

10,468

 

 

 

264

 

 

 

12,693

 

 

 

 

 

 

793

 

 

 

40,439

 

 

 

851

 

 

 

40,872

 

Philippine Peso Debts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate Corporate Notes

 

5.6423% in 2021 and 5.6423% to

   5.9058% in 2020

 

 

 

 

 

 

—

 

 

 

 

 

 

 

3,854

 

Fixed Rate Retail Bonds

 

5.2250% to 5.2813% in 2021 and 2020

 

 

 

 

 

 

2,594

 

 

 

 

 

 

 

14,989

 

Term Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Term Loans

 

3.9000% to 6.7339%; PHP BVAL

   + 0.5000% to 0.9000% (floor rate

   3.9000% to 4.5000%) and TDF +

   0.2500% in 2021 and 3.9000% to

   6.7339%; PHP BVAL + 0.5000%

   to 1.0000% (floor rate 4.5000%),

   PDST-R2 + 0.5000% to 0.6000%

   and TDF + 0.2500% in 2020

 

 

 

 

 

 

209,524

 

 

 

 

 

 

 

163,050

 

 

 

 

 

 

 

 

 

 

212,118

 

 

 

 

 

 

 

181,893

 

Total long-term debt (Notes 28 and 29)

 

 

 

 

 

 

 

 

252,557

 

 

 

 

 

 

 

222,765

 

Less portion maturing within one year (Note 28)

 

 

 

 

 

 

 

 

11,482

 

 

 

 

 

 

 

17,570

 

Noncurrent portion of long-term debt (Note 28)

 

 

 

 

 

 

 

 

241,075

 

 

 

 

 

 

 

205,195

 

 

 

The scheduled maturities of our consolidated outstanding long-term debt at nominal values as at December 31, 2021 are as follows:

 

 

 

U.S. Dollar Debt

 

 

Php Debt

 

 

Total

 

Year

 

U.S. Dollar

 

 

Php

 

 

Php

 

 

Php

 

 

 

(in millions)

 

2022

 

 

44

 

 

 

2,262

 

 

 

9,592

 

 

 

11,854

 

2023

 

 

39

 

 

 

1,988

 

 

 

25,943

 

 

 

27,931

 

2024

 

 

39

 

 

 

1,988

 

 

 

14,280

 

 

 

16,268

 

2025

 

 

14

 

 

 

714

 

 

 

21,970

 

 

 

22,684

 

2026

 

 

14

 

 

 

713

 

 

 

14,155

 

 

 

14,868

 

2027 and onwards

 

 

656

 

 

 

33,439

 

 

 

128,370

 

 

 

161,809

 

Total long-term debt (Note 28)

 

 

806

 

 

 

41,104

 

 

 

214,310

 

 

 

255,414

 

 

 

 

 

 

 

 

 

Repurchase

 

 

 

 

Outstanding Amounts

 

 

 

 

 

 

Amount

 

 

 

 

2021

 

 

2020

 

 

Loan

Amount

Issuance Date

Trustee

Terms

Php

 

Dates

 

Paid in

full on

 

U.S.

Dollar

 

 

Php

 

 

U.S.

Dollar

 

 

Php

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

(in millions)

 

 

Fixed Rate Notes(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$300M

June 23, 2020

The Bank of New

   York Mellon,

   London Branch

Non-amortizing, payable in full upon maturity on

   January 23, 2031

 

—

 

 

—

 

 

—

 

 

295

 

(*)

 

15,017

 

(*)

 

294

 

(*)

 

14,110

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$300M

June 23, 2020

The Bank of New

   York Mellon,

   London Branch

Non-amortizing, payable in full upon maturity on

   June 23, 2050

 

—

 

 

—

 

 

—

 

 

293

 

(*)

 

14,954

 

(*)

 

293

 

(*)

 

14,069

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

588

 

 

 

29,971

 

 

 

587

 

 

 

28,179

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)

The purpose of this loan is to refinance debt maturing in 2020 and 2021, prepay outstanding loans and partially finance capital expenditures.

 


 

 

 

Date of

 

 

 

Drawn

 

Cancelled Undrawn

 

 

Outstanding Amounts

 

 

 

 

 

 

 

Amount

 

Amount

 

 

2021

 

 

2020

 

 

Loan

Amount

Loan

Agreement

Lender(s)

Terms

Dates

Drawn

U.S. Dollar

 

Paid in

full on

U.S.

Dollar

 

 

Php

 

 

U.S.

Dollar

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

(in millions)

 

 

U.S. Dollar Debts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Term Loans(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

—

 

August 11,

2020

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$50M

August 29, 2014

Metrobank

Annual amortization rate of 1% of the issue price

payable semi-annually starting on the first-year up

to the fifth-year anniversary of from the initial

drawdown date and the balance payable upon

maturity on September 2, 2020

September 2,

2014

 

50

 

 

—

 

September 2,

2020

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$200M

   Tranche A:

   US$150M;

   Tranche B:

   US$50M

February 26, 2015

MUFG Bank,

Ltd.

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

 

 

—

 

February 24,

2022

 

15

 

(*)

 

764

 

(*)

 

45

 

(*)

 

2,157

 

(*)

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

 

 

—

 

March 4,

2020

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

 

 

 

764

 

 

 

45

 

 

 

2,157

 

 

 

(*)

Amounts are net of unamortized debt discount/premium 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.

 

 

 

 

 

 

Drawn

 

Cancelled Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of

 

 

 

Amount

 

Amount

 

 

 

 

2021

 

 

2020

 

 

Loan

Amount

Loan

Agreement

Lender(s)

Terms

Dates

Drawn

U.S. Dollar

 

Paid in

full on

 

U.S.

Dollar

 

 

Php

 

 

U.S.

Dollar

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

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  

 

 

 

—

 

 

—

 

 

15

 

(*)

 

781

 

(*)

 

30

 

(*)

 

1,469

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$25M

March 22, 2016

NTT TC Leasing

Co., Ltd., or NTT

TC Leasing(1)

Non-amortizing, payable upon

maturity on March 30, 2023

March 30, 2016

 

25

 

 

—

 

 

—

 

 

25

 

(*)

 

1,272

 

(*)

 

25

 

(*)

 

1,197

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$25M

January 31, 2017

NTT TC Leasing(1)

Non-amortizing, payable upon

maturity on March 27, 2024

March 30, 2017

 

25

 

 

—

 

 

—

 

 

25

 

(*)

 

1,271

 

(*)

 

25

 

(*)

 

1,195

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$140M

March 4, 2020

PNB

Quarterly amortization rates

equivalent to: (a) 2.5% of the total

amount drawn payable on the first

interest payment date up to the

28th interest payment date;

(b) 5% of the total amount drawn

payable on the 29th interest

payment date up to the 32nd

interest payment date; and

(3) 2.5% of the total amount

drawn payable on the 37th

interest payment date up to

maturity on December 13,

2030

December 14,

2020

 

140

 

 

—

 

 

—

 

 

125

 

(*)

 

6,380

 

(*)

 

139

 

(*)

 

6,675

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

190

 

 

 

9,704

 

 

 

219

 

 

 

10,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

205

 

 

 

10,468

 

 

 

264

 

 

 

12,693

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)

Effective July 1, 2020, these loans were transferred from NTT Finance Corporation to NTT TC Leasing.  See Note 25 – Related Party Transactions.

 

 

Date of

 

 

Date of

Payments

 

Outstanding Amounts

 

 

Loan

 

 

Issuance/

Amount

 

 

 

2021

 

 

2020

 

Loan Amount

Agreement

Facility Agent

Installments

Drawdown

Php

 

Date

 

Php

 

 

Php

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

Philippine Peso Debts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate Corporate Notes(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

2,741

3,521

 

June 21, 2013

September 23, 2019

December 21, 2021

 

 

—

 

 

 

3,560

 

   Series B:

   Php4,190M

 

 

Series B: 1% annual amortization on the first up to

ninth-year, with the balance payable on September

21, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php6,200M

   Series A:

   7-year notes

   Php3,775M;

November 20, 2012

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

 

3,549

 

February 22, 2019

 

 

—

 

 

 

—

 

   Series B:

   10-year notes

   Php2,425M

 

 

Series B: Annual amortization rate of 1% of the

issue price on the first-year up to the ninth-year

from issue date and the balance payable upon

maturity on November 22, 2022

 

 

2,255

 

November 23, 2020

 

 

—

 

 

 

—

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

1,644

291

 

September 23, 2019

December 21, 2021

 

 

—

 

 

 

294

 

   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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

3,854

 

 

(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

Payments

 

Outstanding Amounts

 

 

 

 

 

 

Issuance/

Amount

 

 

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Paying Agent

Terms

Drawdown

Php

 

Date

 

Php

 

 

Php

 

 

 

 

 

 

 

(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

 

12,400

 

February 8, 2021

 

 

2,594

 

(*)

 

14,989

 

(*)

 

(*)

Amounts are net of unamortized debt discount/premium 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.

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

Php

 

 

Php

 

 

 

 

 

 

 

(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

 

2,000

 

 

—

 

January 12, 2022

 

1,900

 

 

 

1,920

 

 

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

 

 

—

 

January 13,

2020

 

—

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

October 11, 2012

AIA Philippines Life and General Company, or AIA Life, formerly Philippine

American Life

and General

Insurance

Company

Payable in full upon maturity on December 5, 2022

December 3, 2012

 

1,000

 

 

—

 

December 3,

2020

 

—

 

 

 

—

 

 

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

 

 

—

 

August 24,

2020

 

—

 

 

 

—

 

 

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

 

 

—

 

September 29,

2020

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,900

 

 

 

1,920

 

 

 

(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.

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

Php

 

 

Php

 

 

 

 

 

 

 

(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

 

3,000

 

 

—

 

October 9,

2020

 

—

 

 

 

—

 

 

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

 

 

—

 

November 18,

2020

 

—

 

 

 

—

 

 

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

 

 

—

 

November 18,

2020

 

—

 

 

 

—

 

 

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

 

 

—

 

October 30,

2020

 

—

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

April 2,

2014

AIA Life

Payable in full upon maturity on April 4, 2024

April 4, 2014

 

1,500

 

 

—

 

January 31,

2022

 

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

 

 

—

 

October 30,

2020

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,500

 

 

 

1,500

 

 

 

 

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

May 23,

2014

AIA Life

Payable in full upon maturity on May 28, 2024

May 28, 2014

 

1,000

 

 

—

 

February 28, 2022

 

 

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

 

 

—

 

 

—

 

 

930

 

 

 

940

 

 

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

 

 

—

 

 

—

 

 

1,395

 

 

 

1,410

 

 

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

March 24, 2015

 

2,000

 

 

—

 

 

—

 

 

1,810

 

(*)

 

1,900

 

 

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

 

 

—

 

 

—

 

 

2,820

 

 

 

2,850

 

 

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

 

 

—

 

 

—

 

 

4,700

 

 

 

4,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,655

 

 

 

12,850

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(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

 

5,000

 

 

—

 

 

—

 

 

4,690

 

(*)

 

4,737

 

(*)

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

 

 

—

 

 

—

 

 

4,689

 

(*)

 

4,736

 

(*)

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

 

 

—

 

 

—

 

 

4,688

 

(*)

 

4,736

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php7,000M

December 18, 2015

China Banking Corporation,

or 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

 

 

—

 

 

—

 

 

4,199

 

(*)

 

4,897

 

(*)

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

 

 

—

 

 

—

 

 

2,872

 

(*)

 

2,900

 

(*)

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

 

 

—

 

 

—

 

 

5,692

 

(*)

 

5,748

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,830

 

 

 

27,754

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,000M

July 14, 2016

Security Bank

Annual amortization rate of 1% of the total amount

drawn payable semi-annually 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

 

 

—

 

 

—

 

 

7,338

 

(*)

 

7,495

 

(*)

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

 

 

—

 

 

—

 

 

6,165

 

(*)

 

6,225

 

(*)

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

 

 

—

 

 

—

 

 

2,850

 

 

 

2,880

 

 

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

October 24,

2016 and

November 21,

2016

 

5,400

 

 

—

 

 

—

 

 

5,126

 

(*)

 

5,178

 

(*)

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

 

 

—

 

 

—

 

 

5,027

 

(*)

 

5,076

 

(*)

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

 

 

—

 

 

—

 

 

1,750

 

 

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,256

 

 

 

28,854

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M(1)

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

 

4,000

 

 

—

 

 

—

 

 

1,899

 

(*)

 

1,917

 

(*)

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

 

 

—

 

 

—

 

 

925

 

(*)

 

970

 

 

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

 

 

—

 

 

—

 

 

1,940

 

 

 

1,960

 

 

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

 

 

—

 

 

—

 

 

3,350

 

(*)

 

3,383

 

(*)

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

 

 

—

 

 

—

 

 

1,455

 

 

 

1,470

 

 

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

 

 

—

 

 

—

 

 

1,910

 

 

 

1,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,479

 

 

 

11,630

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)

The amount of Php2,000 million was prepaid on May 29, 2017.

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,500M

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

 

 

—

 

 

—

 

 

3,360

 

 

 

3,395

 

 

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 on April 3, 2028

April 2, 2018

 

1,500

 

 

—

 

 

—

 

 

1,458

 

(*)

 

1,470

 

 

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

 

 

—

 

December 10,

2021

 

 

—

 

 

 

980

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

April 19, 2018

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 on April 25, 2028

April 25, 2018

 

2,000

 

 

—

 

 

—

 

 

1,767

 

(*)

 

1,960

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

April 20, 2018

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 on May 3, 2028

May 3, 2018

 

1,000

 

 

—

 

 

—

 

 

878

 

(*)

 

980

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

May 9, 2018

BPI

Annual amortization rate equivalent to 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 May 10, 2028

May 10, 2018

 

2,000

 

 

—

 

 

—

 

 

1,773

 

(*)

 

1,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,236

 

 

 

10,745

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

May 25, 2018

BPI

Annual amortization rate equivalent to 1% of the

amount drawn starting on the first- year anniversary

of the advance up to the fifth-year anniversary of the

advance and the balance payable upon maturity on

May 28, 2024

May 28, 2018

 

2,000

 

 

—

 

 

—

 

 

1,933

 

(*)

 

1,951

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

June 27, 2018

Development

Bank of the

Philippines,

or DBP

Annual amortization rate equivalent to 1% of the

amount drawn starting on the third- year anniversary

of the advance up to the fifth-year anniversary of the

advance and the balance payable upon maturity on

June 28, 2024

June 28, 2018

 

1,500

 

 

—

 

 

—

 

 

1,485

 

 

 

1,500

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

July 31, 2018

BPI

Annual amortization rate equivalent to 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  May 10, 2028

August 10, 2018

 

3,000

 

 

—

 

 

—

 

 

2,894

 

(*)

 

2,922

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

January 11, 2019

DBP

Annual amortization rate equivalent to 1% of the

amount drawn starting on the third-year anniversary

of the advance up to the ninth-year anniversary of the

advance and the balance payable upon maturity on

May 6, 2029

May 6, 2019

September 2, 2019

2,000

3,000

 

 

—

 

 

—

 

 

4,865

 

(*)

 

4,980

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,000M

February 18, 2019

Union Bank

Annual amortization rate equivalent to 1% of the

amount drawn starting on the first-year anniversary

up to the ninth-year anniversary of the initial

drawdown date and the balance payable upon

maturity on July 11, 2029

July 11, 2019

September 6,

2019

October 1,

2019

November 5,

2019

3,000

2,000

 

1,000

2,000

 

 

—

 

 

—

 

 

7,822

 

(*)

 

7,900

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

February 21, 2019

PNB

Annual amortization rate equivalent to 1% of the

amount drawn starting on the first-year anniversary

up to the seventh-year anniversary of the initial

drawdown date and the balance payable upon maturity

on March 11, 2027

March 11, 2019

 

4,000

 

 

—

 

 

—

 

 

3,708

 

(*)

 

3,936

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,707

 

 

 

23,189

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

April 11, 2019

Bank of China (Hong Kong) Limited, Manila Branch

Annual amortization rate equivalent to 1% of the

amount of loan payable on the first-year anniversary

up to the sixth-year anniversary of the initial

drawdown date and the balance payable upon maturity

on September 7, 2026

September 6, 2019

 

2,000

 

 

—

 

 

—

 

 

1,949

 

(*)

 

1,968

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

July 1, 2019

PNB

Annual amortization rate equivalent to 1% of the total amount drawn from the facility on the first-year anniversary up to the sixth-year anniversary of the initial drawdown date and the balance payable upon maturity on September 7, 2026

September 6, 2019

 

2,000

 

 

—

 

 

—

 

 

1,949

 

(*)

 

1,967

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,000M

September 25, 2019

CBC

Annual amortization rate equivalent to 10% of the

total amount drawn starting on the third-year

anniversary up to the ninth-year anniversary of the

initial drawdown date and the balance payable upon maturity on October 2, 2029

October 2, 2019

 

8,000

 

 

—

 

 

—

 

 

7,635

 

(*)

 

7,949

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

December 9, 2019

DBP

Annual amortization rate equivalent to 1% of the total amount drawn starting on the third-year anniversary up

to the ninth-year anniversary of the initial drawdown

date and the balance payable upon maturity on

December 12, 2029

December 12, 2019

 

4,000

 

 

—

 

 

—

 

 

3,975

 

(*)

 

3,973

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,500M

December 12, 2019

BPI

Annual amortization rate equivalent to 1% of the advance on the first year up

to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on December 18, 2029

December 15, 2019

 

4,500

 

 

—

 

 

—

 

 

4,382

 

(*)

 

4,424

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

January 20, 2020

BDO

Annual amortization rate equivalent to 1% of the total amount drawn starting on the first-year anniversary up

to the ninth-year anniversary of the drawdown date

and the balance payable upon maturity on January 24,

2030

January 24, 2020

 

3,000

 

 

—

 

 

—

 

 

2,893

 

(*)

 

2,979

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,783

 

 

 

23,260

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

January 29, 2020

BDO

Annual amortization rate equivalent to 1% of the total amount drawn starting on the first-year anniversary up

to the ninth-year anniversary of the drawdown date and

the balance payable  upon maturity on January 31, 2030

January 31, 2020

 

5,000

 

 

—

 

 

—

 

 

4,854

 

(*)

 

4,965

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

March 24, 2020

RCBC

Annual amortization rate equivalent to 1% of the

advance starting on the first-year anniversary of the drawdown date and the balance payable upon

maturity on March 27, 2028

March 26, 2020

 

4,000

 

 

—

 

 

—

 

 

3,827

 

(*)

 

3,972

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,500M

March 30, 2020

MUFG Bank, Ltd.

Amortization rate equivalent to: (1) 20% of the amount drawn payable on the 30th, 48th, 54th and 72nd month

from the drawdown date; (2) 0.50% of the amount

drawn payable on the 36th, 42nd, 60th and 66th month

from the drawdown date; and (3) 18% of the amount

drawn payable upon maturity on October 2, 2026

April 2, 2020

 

2,500

 

 

—

 

 

—

 

 

2,488

 

(*)

 

2,484

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

May 20, 2020

LBP

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the ninth-year

anniversary of the drawdown date and the balance

payable upon maturity on May 28, 2030

May 28, 2020

 

3,000

 

 

—

 

 

—

 

 

2,951

 

(*)

 

2,979

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

May 20, 2020

LBP

Annual amortization rate equivalent to 1% of principal amount of the loan starting on the first-year up to the

ninth-year anniversary of the initial advance and the

balance payable upon maturity on November 20, 2030

November 20, 2020

 

4,000

 

 

—

 

 

—

 

 

3,933

 

(*)

 

3,970

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

May 21, 2020

LBP

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the ninth-year

anniversary of the drawdown date and the balance

payable upon maturity on December 18, 2030

December 18, 2020

 

3,000

 

 

—

 

 

—

 

 

2,949

 

(*)

 

2,978

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,002

 

 

 

21,348

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

February 9, 2021

BPI

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

tenth-year anniversary of the drawdown date and

the balance payable upon maturity on February 16,

2032

February 15, 2021

 

5,000

 

 

—

 

 

—

 

 

4,965

 

(*)

 

—

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

March 4, 2021

LBP

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

ninth-year anniversary of the drawdown date and

the balance payable upon maturity on March 9,

2031

March 9, 2021

 

3,000

 

 

—

 

 

—

 

 

2,979

 

(*)

 

—

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

March 5, 2021

LBP

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

ninth-year anniversary of the drawdown date and

the balance payable upon maturity on May 25,

2031

May 25, 2021

 

3,000

 

 

—

 

 

—

 

 

2,979

 

(*)

 

—

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

March 8, 2021

LBP

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

ninth-year anniversary of the drawdown date and

the balance payable upon maturity on March 30,

2031

March 30, 2021

 

4,000

 

 

—

 

 

—

 

 

3,972

 

(*)

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

March 31, 2021

BPI

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

tenth-year anniversary of the drawdown date and

the balance payable upon maturity on April 14,

2032

April 14, 2021

 

3,000

 

 

—

 

 

—

 

 

2,979

 

(*)

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

March 31, 2021

BPI

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

tenth-year anniversary of the drawdown date and

the balance payable upon maturity on April 29,

2032

April 29, 2021

 

2,000

 

 

—

 

 

—

 

 

2,000

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,874

 

 

 

—

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

April 14, 2021

Metrobank

Annual amortization rate equivalent to 1% of the

advance starting on the second-year up to the

tenth-year anniversary of the drawdown date and

the balance payable upon maturity on June 8,

2032

June 8, 2021

 

4,000

 

 

—

 

 

—

 

 

3,971

 

(*)

 

—

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

April 15, 2021

Metrobank

Annual amortization rate equivalent to 1% of the

advance starting on the second-year up to the

tenth-year anniversary of the drawdown date and

the balance payable upon maturity on September 1,

2032

September 1, 2021

 

3,000

 

 

—

 

 

—

 

 

2,978

 

(*)

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

April 30, 2021

Metrobank

Annual amortization rate equivalent to 1% of the

advance starting on the second-year up to the

tenth-year from drawdown date and the balance of

91% payable upon maturity on June 21, 2032

June 21, 2021

 

3,000

 

 

—

 

 

—

 

 

2,978

 

(*)

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

June 14, 2021

RCBC

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

eighth-year and tenth-year from drawdown date and

equal amortization equivalent to 45.5% of the

advance on the ninth-year and upon maturity on

July 15, 2032

July 15, 2021

 

3,000

 

 

—

 

 

—

 

 

2,978

 

(*)

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

June 14, 2021

RCBC

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

eighth-year and tenth-year from drawdown date and

equal amortization equivalent to 45.5% of the

advance on the ninth-year and upon maturity on

September 1, 2032

September 1, 2021

 

4,000

 

 

—

 

 

—

 

 

3,971

 

(*)

 

—

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

September 28,

2021

BDO

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

ninth-year from the drawdown date and the balance

of 91% payable upon maturity on October 15, 2031

October 15, 2021

 

1,000

 

 

—

 

 

—

 

 

1,000

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,876

 

 

 

—

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

 

Drawn

 

Cancelled

Undrawn

 

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2021

 

 

2020

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

November 17, 2021

BDO

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the sixth-year

from the drawdown date and the balance of 94%

payable upon maturity on November 22, 2028

November 22, 2021

 

3,000

 

 

—

 

 

—

 

 

2,978

 

(*)

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

November 24, 2021

BPI

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

tenth-year anniversary of the drawdown date and

the balance payable upon maturity on March 1, 2033

December 1, 2021

 

1,000

 

 

—

 

 

—

 

 

1,000

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

November 24, 2021

BPI

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

tenth-year anniversary of the drawdown date and

the balance payable upon maturity on March 17, 2033

December 17, 2021

 

3,000

 

 

—

 

 

—

 

 

2,978

 

(*)

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

November 24, 2021

BPI

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the

tenth-year anniversary of the drawdown date and

the balance payable upon maturity on March 17, 2033

December 17, 2021

 

4,000

 

 

—

 

 

—

 

 

3,970

 

(*)

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,500M

December 10, 2021

LBP

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the ninth-year

anniversary of the drawdown date and the balance

payable upon maturity on December 17, 2031

December 17, 2021

 

2,500

 

 

—

 

 

—

 

 

2,500

 

 

 

—

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

December 14, 2021

DBP

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the seventh-year

from the drawdown date and the balance of 93%

payable upon maturity on January 21, 2030

January 20, 2022

 

3,000

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

December 14, 2021

DBP

Annual amortization rate equivalent to 1% of the

advance starting on the first-year up to the eight-year

from the drawdown date and the balance of 92%

payable upon maturity on January 20, 2031

January 20, 2022

 

2,000

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,426

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

209,524

 

 

 

163,050

 

 

 

(*)

Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

Short-term Debt

In March and April 2020, PLDT and Smart availed unsecured short-term debt from various banks amounting to Php6,000 million and Php4,000 million respectively with interest ranging from 5.00% to 5.75%.  In May 2020, PLDT and Smart prepaid their outstanding short-term debt amounting to Php3,000 million and Php4,000 million, respectively.  PLDT prepaid its remaining short-term debt in the aggregate amount of Php3,000 million in June 2020.  In March 2022, PLDT availed unsecured short-term debt amounting to Php2,000 million with interest rate of 2.60%.

U.S. Dollar Fixed Rate Notes

On June 23, 2020, PLDT issued US$300 million 10-year and US$300 million 30-year senior unsecured fixed-rate notes with coupon of 2.50% and 3.45%, respectively.  Proceeds from the issuance of these notes have been used to refinance maturing debt obligations, prepay outstanding loans and partially finance capital expenditures.  The 2031 Notes will mature on January 23, 2031 and the 2050 Notes will mature on June 23, 2050.

Compliance with Debt Covenants

PLDT’s debt instruments contain restrictive covenants, including covenants that require us to comply with specified financial ratios tests, such as total debt to 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 poor operating performance of PLDT and its subsidiaries, depreciation of the Philippine Peso relative to the U.S. Dollar, 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 16% and 18% were denominated in U.S. Dollars as at December 31, 2021 and 2020, respectively.  Considering PLDT’s hedges and U.S. Dollar cash balances allocated for debt, the unhedged portion of the PLDT’s net debt amounts was approximately 8% (or 5%, net of our consolidated U.S. Dollar cash balances allocated for debt) and 13% (or 5%, net of our consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2021 and 2020, respectively.  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; (e) merging or consolidating with any other company; and (f) making or permitting any preference or priority in respect of any other relevant indebtedness of PLDT.

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 EBITDA and interest 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 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, 2021 and 2020, we were in compliance with all of our debt covenants.  See
Note 28 – Financial Assets and Liabilities – Derivative Financial Instruments.

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.

Consent Solicitation Exercise of PLDT

On October 11, 2019, PLDT announced its undertaking of a consent solicitation exercise relating to the 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 seeks to provide PLDT with greater flexibility to support, if necessary, higher levels of capital expenditures and general corporate requirements.  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 Smart.

On October 30, 2019, PLDT announced the early closing of the consent solicitation exercise from its original schedule of November 15, 2019 when the Company received the required consents to effect the proposed amendment.  The new debt covenants became effective on November 8, 2019.