DIFFICULT market conditions have prompted Philippine company Bayan Telecommunications Holdings Corporation (BayanTel) to execute a private placement of convertible preferred shares via Chase Manhattan, rather than face the public equity markets. The shares are redeemable at the end of five years, unless previously converted to common shares, and have a US dollar yield of 6.5% and a dividend yield of 2%. They are guaranteed by Benpres Holdings Corporation which, with its affiliates, owns 68.76% of BayanTel.
February 06, 1998