With one day to go before the expiration of an early repurchase option, the company decided to formally withdraw the SEC filing for its $329 million cash tender on Thursday. Observers say that PLDT believed this represented the most flexible of two options open to it.
Having already cancelled the $250 million 10-year 144a bond that would have funded the buy-back, the company could have gone on indefinitely postponing the tender, launched in New York on September 7. Under SEC rules, it is possible to postpone a tender offering if there is a reasonable expectation of being able to re-launch it, explains one observer.
But, he adds, the company thought this would have created...
