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Philippine Long Distance Telephone Co. and its wholly owned cellular unit Smart Communications each raised PHP2.5 billion ($54 million) from separate issuance of five-year fixed-rate notes to a group of institutional investors, PLDT said Tuesday.

PLDT said in a statement that the notes were issued at a yield of 6.8615%, 30 basis points over the five-year benchmark rate, the lowest ever priced corporate peso-note in recent history. Investors included commercial, savings and investments banks, and an insurance company, the listed firm said.

Demand for the notes reached PHP12 billion, PLDT said.

The proceeds from the issuance, arranged by First Metro Investment Corp., will be used to finance the PLDT group’s capital investment program.