Philippine Airlines (PAL) has increased its debut international bond offering by $50 million, raising a total of $350 million after strong demand from global investors.
PAL Holdings said the additional five-year fixed-rate senior notes, issued through its Cayman Islands subsidiary Primero Agila Ltd., carry a 7.75 percent coupon and will be consolidated with the original $300 million tranche due in 2031.
The proceeds, worth more than ₱20.5 billion, will fund the airline’s long-term capital needs, fleet modernization, and international route expansion.
The initial bond offering was oversubscribed by about 4.5 times, attracting more than $1.4 billion in orders and marking the first rated high-yield bond issuance by a Philippine company in over a decade.
PAL President Lucio C. Tan III said the successful offering reflects investor confidence in the airline’s post-restructuring recovery and long-term growth strategy.
Source: PhilNews24 | August 1, 2026
PAL RE-ENTERS OFFSHORE DEBT MARKET ON STRONG INVESTOR INTEREST
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