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MANILA, Philippines – Philippine Airlines (PAL) has raised $300 million through its inaugural fixed-rate international bond offering, providing the flag carrier with a new funding source as it presses ahead with its service and fleet expansion.
READ: PAL maintained first-quarter profit despite Mideast woes
This issuance carries a yield of 8 percent and a re-offer price of 98.986.
Structured as five-year non-call two-year senior notes, they will be listed on the Singapore Exchange Securities Trading Ltd. and will be guaranteed by Philippine Airlines Inc. and its affiliate, Air Philippines Corp.
