Philippine Airlines (PR, Manila Ninoy Aquino International) subsidiary Primero Agila Limited priced an additional USD50 million five-year senior notes issue on July 31, 2026, with settlement scheduled for August 6. The notes carry a 7.75% coupon, a 7.997% re-opening yield, and were priced at 99% plus accrued interest. The issuance will form a single series with Primero Agila's existing USD300 million 7.75% senior notes due 2031. Philippine Airlines and Air Philippines Corporation, operating as PAL Express (2P, Manila Ninoy Aquino International), will unconditionally and irrevocably guarantee the notes, which will list on the Singapore Exchange.