Globe Telecom Inc. bought back $426.42 million worth of its dollar-denominated perpetual capital securities following its tender offer, which formed part of its liability management program.
In a disclosure on Thursday, the Ayala-backed telco said the accepted tenders represented majority of the $600 million senior perpetual capital securities issued in 2021.
After the offer expired on April 22, about $173.58 million in principal amount of the securities would remain outstanding, Globe said.
Settlement of the accepted securities is expected by April 24.
This buyback comes as the company moves closer to redeeming the remaining balance of equity instruments, which carry an initial distribution rate of 4.2 percent.