Globe Telecom, Inc. has launched a tender offer to buy back up to $600 million worth of its 4.2 percent senior perpetual capital securities to actively manage its liabilities and streamline its balance sheet.

In a disclosure on Tuesday, the Ayala-backed telco said it is offering to purchase “any and all outstanding Securities” at $1,000 per $1,000 principal amount, plus accrued distributions.

“Globe is undertaking the Tender Offer as part of its active liability management program,” the company said.

The securities, issued in October 2021, will be cancelled upon settlement and “will not be reissued or resold,” Globe added.

The tender offer opened today and is set to expire on 22 April, with results expected the following day and settlement scheduled around 24 April.

Globe said the buyback allows it to retire a chunk of its perpetual debt, which does not have a maturity date but carries ongoing payout obligations, potentially reducing future financing costs and improving its capital structure.