Benpres, Lopez Inc pay off $43-M debt
Sister firms Benpres Holdings Corp. and Lopez Inc. have purchased a combined $43 million worth of debt held by Asian Infrastructure Fund, where they are co-obligators.
In a statement filed at the Philippine Stock Exchange, Benpres said the debt was purchased for $32.3 million or 25 percent less than the face value. Of the total, Benpres paid $25.8 million while Lopez Inc. paid $6.4 million.
The debt constitutes 10 percent of the total outstanding principal amount of Benpres’ debt.
In addition, Benpres also purchased P9.5 million worth of debt from five long-term commercial papers (LTCP) holders for P5.8 million or 60 percent off the principal amount of debt.
Benpres has $400 million of debt under restructuring ‑ long-term commercial papers (P2 billion), eurobond ($150 million) and subsidiary BayanTel ($210 million).
The company earlier said it was planning to sell its interests in several subsidiaries in order to pay off its debts. Among these include a 24.5 percent stake in
The group said it may sell its stake in
Benpres’ stake in MNTC may likewise be sold through the stock market via First Philippine Infrastructure, a company which was listed through the backdoor early in the year via City Resources Philippines Corp.
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