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Business

Benpres, Lopez Inc pay off $43-M debt

- Zinnia B. Dela Peña -

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 Rockwell Land, 33 percent in Manila North Tollways Corp., and shares in Sky Cable.

The group said it may sell its stake in Rockwell Land through an initial public offering of shares next year. 

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.

ASIAN INFRASTRUCTURE FUND

BENPRES

LOPEZ INC

MILLION

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