Lopez Holdings Corporation purchased P40 million LTCPs at face value of the principal amount. There remain only P26 million worth of LTCPs, and the company’s standing offer with its creditors for the settlement of its remaining debt, under mutually acceptable terms, remains in place.
On February 28, 2012, Lopez Holdings Corporation purchased from a creditor its remaining unrestructured US$5.0 million 7.875% Eurobonds at face value of the principal amount.
On August 16, 2012, the Company also purchased 12.0 million LTCPs at face value of the principal amount.
In 2011, Lopez Holdings Corporation conducted a tender offer for unrestructured debt, which gave creditors the opportunity to sell back approximately US$41 million at full face value.
Lopez Holdings offered to purchase for cash at their par value, any and all of its outstanding US$150,000,000 7.875% Notes (Eurobonds) due 2002 issued on June 17, 1997, and Series A-2 Long Term Commercial Papers (LTCPs) issued on September 17, 1996 and October 1, 1996. In conjunction with the offer to purchase the LTCPs, the company undertook a consent solicitation for proposed amendments to the Trust Agreement dated September 12, 1996 covering the LTCPs.