Benpres buys back US260M debt from Avenue Asia
Philippine Stock Exchange
Attn: Janet A. Encarnacion
Head of the Disclosure Department
4/F PSE Center, Exchange Road
Ortigas Center, Pasig City
Gentlemen/Ladies:
Benpres Holdings Corporation today purchased from Avenue Capital Group, US2 million and PhP467 million of principal of its own debts or debts guaranteed by it, at an overall price of 65% of the principal amount of these debts. The purchase price was settled in full.
This is in line with the Balance Management Plan of Benpres to reduce its debt obligations. Funds for the payment were sourced from the sale of Benpres' interest in the toll road business, in Rockwell Land Corporation and in Digitel.
After the purchase of these debts, the remaining obligation of Benpres amounts to US million and Php893 million. Benpres' standing offer with its creditors for the settlement of its remaining debts, under mutually acceptable terms, remains in place.
Very truly yours,
Angel S. Ong
Preseident & COO
