Globe Telecom Inc. has successfully bought back $426.42 million of its dollar-denominated perpetual capital securities through a tender offer, the company announced on Thursday.
The buyback, which is part of the Ayala-backed telco's liability management program, covered the majority of the $600 million senior perpetual capital securities issued in 2021. Following the expiry of the offer on April 22, approximately $173.58 million in principal amount of the securities remain outstanding.
Settlement of the accepted securities is expected by April 24. The repurchase brings the company closer to redeeming the remaining balance of the equity instruments, which carry an initial distribution rate of 4.2 percent.
This move comes as Globe continues to optimize its capital structure and manage its liabilities effectively.