This scenario includes another anticipated $2.9 billion in new money bonds
for the MOVE Illinois program with a majority borrowed at a 5.5% rate, which Fitch believes is a reasonable rate assumption.
The debt-for-equity swap will see the firm's long-term borrowings reduced from PS1.35bn to PS350m, alongside a new capital raise of PS150m funded by issuing new money bonds
The debt-for-equity swap will see the firm's long-term borrowings reduced from PS1.35 billion to PS350 million, alongside a new capital raise of PS150 million funded by issuing new money bonds
. As a result, New Look's annual interest payments will reduce from PS80 million to PS40 million and its borrowings have been extended to 2024, giving it breathing space.
The restructuring will mean the firm's long-term debt is reduced from PS1.35billion to PS350million, alongside a new capital raise of PS150million funded by the issuing of new money bonds
In January this year the Philippines successfully returned to the global bond market with $2 billion in 10-year new money bonds
The reduced interest rate environment of the early 1990s created opportunities to issue new money bonds
as well as refinance debt issued in the 1980s.
Thirteen billion dollars in new money bonds
have been issued for public and private sector funding.
The county has stated it has no plans for additional issuance, and it has not issued new money bonds
backed by the PST in more than 10 years.
No additional new money bonds
are permissible under the trust indenture.
The new money bonds
will also be fixed rate, but with a 30-yr term.