Philippines' PSALM swaps $600 mln worth of debt

MANILA, Nov 26 (Reuters) - Philippine state agency PSALM said on Thursday it swapped $600 million of 2019 and 2024 bonds for shorter-dated debt to extend the life of its debt profile.

Holders of PSALM's $500 million 9.875 percent senior unsecured guaranteed notes due in 2010, $700 million zero coupon notes due in 2010, and $400 million floating rate senior unsecured guaranteed notes due in 2011 were eligible to participate in the debt exchange.

PSALM, or the Power Sector Assets and Liabilities Management, issued new 2024 bonds and reopened an existing 2019 bond issue as part of the swap.

The 2024 issue was separate to a sale on Monday of $600 million in bonds of a similar maturity. [ID:nN23150455]

PSALM oversees the assets and debts of state power producer National Power Corp. The 2024 bonds it issued on Monday were quoted at 101.25/101.75 cents on the dollar, down from Wednesday's 101.75/102.125, local traders said.

For details on the debt swap offer, click here urn:newsml:reuters.com:20091126:nSNBQ90241. (Reporting by Karen Lema; Editing by Neil Fullick) ((karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)