Petron’s P50-billion bond offer gets SEC’s approval
September 24, 2021 - Friday 7:09 PM by GDMPhoto courtesy of Petron website
Corporate regulators said Friday they approved the plan of oil company Petron Corp. to sell fixed-rate, peso denominated bonds to investors to raise cash for debt payments and capital requirements of a new power plant.
In a statement, the Securities and Exchange Commission said it cleared Petron’s P50 billion bond program that the company can sell “in one or more tranches within three years.”
For the first tranche, the listed oil refiner and marketing company will offer to the public up to P18 billion worth of four-year Series E bonds due in 2025 and six-year Series F bonds due in 2027.
Petron expects to net P17.78 billion from the first tranche.
Proceeds will be used for the redemption of its Series A bonds, for the partial financing of its power plant project, and for the payment of existing debt.
The bonds comprising the first tranche will be offered at face value from September 27 to October 5, in time for their listing on the Philippine Dealing & Exchange Corp. on October 12, based on the latest timetable submitted to the SEC.
Petron hired BDO Capital, China Bank Capital, Philippine Commercial Capital, Inc., PNB Capital, and SB Capital Investment Corporation as joint lead bookrunners and joint lead underwriters for the transaction.
First Metro Investment Corporation, Land Bank of the Philippines, and RCBC Capital will also serve as co-lead underwriters for the offer.
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