SECURITIESAND EXCHANGE COMMISSION

Washington,D.C.  20549

 

FORM6 -K

 

Reportof Foreign Private Issuer

 

Pursuantto Rule 13a-16 or 15d-16 

Ofthe Securities Exchange Act of 1934

 

For the month of October 2005

 

CommissionFile Number 1-03006

 

PhilippineLong Distance Telephone Company

(ExactName of Registrant as specified in its Charter)

 

RamonCojuangco Building

MakatiAvenue

MakatiCity

Philippines

(Addressof principal executive offices)

 

(Indicateby check mark whether the registrant files or will file annual reports undercover of Form 20-F or Form 40-F.)

 

| Form 20-F:  y | Form 40-F:  o |
|---------------|---------------|

 

(Indicateby check mark whether by furnishing the information contained in this form, theregistrant is also thereby furnishing the information to the commission pursuantto Rule 12g3-2(b) under the Securities Exchange Act 1934.)

 

| Yes: o | No:  y |
|--------|--------|

 

(If“Yes” is marked, indicate below the file number assigned to the registrant inconnection with Rule 12g3-2(b):  82-_____)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enclosure:

 

 

 

A copy of thepress release that is being issued today by Philippine Long Distance TelephoneCompany, entitled “Consent Solicitation for its US$250,000,000 11.375% Notesdue 2012 and Tender Offer and Consent Solicitation for its US$71,986,00010.625% Notes due 2007”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

| October 6, 2005 |  
 

 

The Philippine Stock Exchange
Disclosure Department

4th Floor PSE Centre

Exchange Road, Ortigas Center

Pasig City

 

Attention:        Ms. Jurisita M. Quintos

Senior VicePresident 

 

Ladies and Gentlemen:

 

In compliance withSection 17.1(b) and Section 17.3 of the Securities Regulation Code, we submitherewith SEC Form 17-C with a copy of a press release entitled “ConsentSolicitation for its US$250,000,000 11.375% Notes due 2012 and Tender Offer andConsent Solicitation for its US$71,986,000 10.625% Notes due 2007”. 

This shall also serve as the disclosure letter for thepurpose of complying with PSE Corporate Disclosure Requirements.

 

Respectfully yours,

 

 

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

MLCRC:amq

Encs.

 

 
****
 

 

 

October 6, 2005

 

 

SECURITIES & EXCHANGECOMMISSION

Money Market OperationsDepartment

SEC Building, EDSA

Mandaluyong City

 

Attention    :         DirectorJustina F. Callangan

                             CorporationsFinance Department

 

Gentlemen:

 

Re       :           Philippine LongDistance Telephone Company

                   SECRegistration No. PW-55

 

In accordance withSection 17.1 (b) of the Securities Regulation Code, we submit herewith five (5)copies of a Current Report with a press release entitled “Consent Solicitationfor its US$250,000,000 11.375% Notes due 2012 and Tender Offer and ConsentSolicitation for its US$71,986,000 10.625% Notes due 2007”. 

 

Very truly yours,

 

 

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

MLCRC:amq

Encs.

 

 

 
****
 

 

 

 

                                            SECURITIES AND EXCHANGE COMMISSION

 

 

SEC FORM 17-C

 

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.1

 

 

 

 

1.                 October 6, 2005

(Date of earliest event reported)

 

2.                 SEC Identification Number  PW-55

 

3.                 BIR Tax Identification No. 000-488-793

 

4.                PHILIPPINE LONG DISTANCETELEPHONE COMPANY                                        

          Exact name ofregistrant as specified in its charter

 

5.       PHILIPPINES6. _____________ (SEC Use Only)  

           Province, country or otherjurisdiction               Industry Classification Code

           of Incorporation

 

7.         10thFloor PLDT Tower I, Ayala Avenue, Makati City                  1200 

            Addressof principal office                                                               PostalCode

 

8.         (632)814-3664                                           

           Registrant'stelephone number, including area code
 

9.         NotApplicable                                                               

            Formername or former address, if changed since last report

 

10.       Securitiesregistered pursuant to Sections 8 and 12 of the SRC

 

            Title ofEach Class                            Number of Shares of Common Stock

          Licensed and Amount of Debt Outstanding

 

 

 

 

          Attached heretois a press release entitled “Consent Solicitation for its US$250,000,00011.375% Notes due 2012 and Tender Offer and Consent Solicitation for itsUS$71,986,000 10.625% Notes due 2007”. 

 

 

 

SIGNATURE

 

          Pursuant to therequirements of the Securities Regulation Code, the Registrant has duly causedthis report to be signed on its behalf by the undersigned hereto dulyauthorized.

 

 

 

 

PHILIPPINE LONG DISTANCE

TELEPHONE COMPANY

 

 

 

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 

 

 

Date: October 6, 2005

 

Distribution Copies:  5 copies –Securities & Exchange Commission

                        1copy    - Philippine Stock Exchange

                                    1copy    - Company Secretary

-PhilippineLong Distance Telephone Company

 

Consent Solicitationfor its US$250,000,000 11.375% Notes due 2012 and

Tender Offer andConsent Solicitation for its US$71,986,000 10.625% Notes due 2007 

 

Manila, Philippines, October 6, 2005 –Philippine Long Distance Telephone Company (“PLDT”) announced today that it hascommenced a solicitation of consents from holders of its outstanding 11.375%Notes due 2012 (the “2012 Notes”) to effect certain proposed amendments to the2012 Notes (the “2012 Notes Consent Solicitation”).  In addition, PLDT hascommenced a cash tender offer for any and all of its outstanding10.625% Notes due 2007  (the “2007 Notes”) in the aggregate principal amount ofUS$71,986,000 and a related solicitation of consents from holders of the 2007Notes to effect identical proposed amendments to the 2007Notes (the “2007 Notes Offer to Purchase”).

 

*Proposed amendments.* The proposed amendments will, once operative,amend the covenants in the 2012 Notes and the 2007 Notes relating to thelimitation on restricted payments and the limitation on indebtedness.Specifically, the proposed amendments would give PLDT greater flexibility tomake certain restricted payments, including payment of dividends to holders ofPLDT’s common stock, and would reduce PLDT’s permitted leverage ratio pursuantto the terms of the notes.

 

PLDT hassignificantly de-leveraged since the issuance of the 2012 Notes and the 2007Notes, utilizing its cash flow from operations supplemented by dividends fromits subsidiary Smart Communications, Inc.  As a result of PLDT’s improved cashflows and reduced debt levels, PLDT restored the payment of common dividends inMay 2005, after suspending common dividend payments in April 2001, and intendsto gradually increase its dividend payout in succeeding years.   PLDT,therefore, is seeking greater flexibility to make restricted payments,including payment of dividends to its common shareholders   At the same time, PLDT’s offer to tighten its leverageratio affirms its commitment to maintain its leverage ratios at healthylevels. 

 

*2012 Notes Consent Solicitation.*The 2012 Notes Consent Solicitation willexpire at 5:00 p.m., New York City time, on Thursday, October 27, 2005, unlessextended or earlier terminated.  Only holders of the 2012 Notesthat deliver valid consents prior to such deadline willreceive a consent payment of US$5 for each US$1,000 principal amount of the2012 Notes for which consents have been accepted. 

* *

Theterms and conditions of the 2012 Notes Consent Solicitation, including PLDT’sobligation to accept the consents delivered and pay the Consent Payment, areset forth in PLDT’s Consent Solicitation Statement dated October 6, 2005.  PLDTmay amend, extend or, subject to certain conditions, terminate the 2012 NotesConsent Solicitation.  

 

*2007 Notes Offer to Purchase.*  The 2007 Notes Offer to Purchase will expireat 5:00 p.m., New York City time, on Friday, November 4, 2005,unless extended or earlier terminated (the “Expiration Time”).Holders of the 2007 Notes who validly tender their notes prior to 5:00 p.m.,New York City time, on Thursday, October 27, 2005,unless extended (the “Consent Payment Deadline”), will beentitled to receive US$1,097.50 for each US$1,000 principal amount of the 2007Notes accepted for payment, which amount comprises (i) a consent payment ofUS$5 (“Consent Payment”) and (ii) tender offer consideration of US$1,092.50(“Tender Offer Consideration”).  Holders of the 2007 Notes who validly tendertheir notes after the Consent Payment Deadline but prior to the Expiration Timewill be entitled to receive only the Tender Offer Consideration for eachUS$1,000 principal amount of the 2007 Notes accepted for payment.  Holders tenderingtheir notes will be required to consent to the proposed amendments.All holders tendering before the Expiration Time will be paid accrued andunpaid interest on the principal amount tendered to, but excluding, the datesuch notes are accepted.  

 

Holdersof the 2007 Notes may consent to the amendments without tendering their notes.Non-tendering holders that deliver valid consents prior to the Consent PaymentDeadline will receive the Consent Payment for each US$1,000 principal amount ofthe 2007 Notes for which consents have been accepted.

 

Theterms and conditions of the 2007 Notes Offer to Purchase, including PLDT’sobligation to accept the 2007 Notes tendered or the consents delivered and paythe Tender Offer Consideration and the Consent Payment, are set forth in PLDT’sOffer to Purchase and Consent Solicitation Statement dated October 6, 2005.PLDT may amend, extend or, subject to certain conditions, terminate the 2007Notes Offer to Purchase.

 

Inconnection with the 2012 Notes Consent Solicitation and the 2007 Notes Offer toPurchase, PLDT has retained Credit Suisse First Boston as the dealer managerand solicitation agent, Bondholder Communications Group as the informationagent and JPMorgan Chase Bank, N.A., as the tender and tabulation agent. 

 

Questionsregarding the 2012 Notes Consent Solicitation or the 2007 Notes Offer toPurchase and requests for documents may be directed to Credit Suisse FirstBoston in Hong Kong at 852-2101-6346 (Alister Moss), in London at44-20-7888-6999 (Chris Tuffey) or in New York at 1-212-325-7596(Andrew Karsh), or Bondholder Communications Group in New York at1-212-809-2663 (Patricia Lawson) or in London at 44-20-7236-0788. 

 

Thispress release shall not constitute an offer to purchase, a solicitation of anoffer to purchase, or a solicitation of consents with respect to anysecurities.  Any such offer or solicitation will be made only by means of theOffer to Purchase and Consent Solicitation Statement dated October 6, 2005 andConsent Solicitation Statement dated October 6, 2005.

 

Thispress release contains “forward-looking” statements within the meaning ofSection 21E of the Securities Exchange Act of 1934 and Section 27A of theSecurities Act of 1933.  Any forward-looking statements in this news releaseare based on certain assumptions and expectations made by PLDT in light of itsexperience and expectations with respect to future developments and otherfactors it believes are appropriate in the circumstances.  Forward-lookingstatements are not a guarantee of future events and actual results ordevelopments may differ materially from expectations.

 

For more information about PLDT, pleasecontact:

 

Anabelle L. Chua

Treasurerand Senior Vice President

Tel. No: 632-816-8213

Fax No: 632-844-9099 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURES

 

 

 

Pursuant to the requirements of the Securities Exchange Actof 1934, the registrant has duly caused this report to be signed on its behalfby the undersigned, thereunto duly authorized.

 

 

 

PHILIPPINELONG DISTANCE TELEPHONE COMPANY

 

 

 

 

         By:         /s/ MA.LOURDES C. RAUSA-CHAN

Name:    Ma. Lourdes C. Rausa-Chan

          Title:     Senior Vice President, CorporateAffairs and Legal

                        Services Head and CorporateSecretary

 

 

 

 

Date:October 6, 2005

 

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