Petron Corp. has raised P32 billion from the final tranche of its fixed rate bond issue, capping its P50-billion shelf registration with the Securities and Exchange Commission (SEC).
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, the oil firm said the bonds were listed on the Philippine Dealing and Exchange Corp. and attracted strong investor interest, with the final offer nearly 1.3 times oversubscribed.
The P25-billion base offer saw an additional P7 billion raised through oversubscription.
“The strong response underscores not only the success of another fundraising initiative but also the confidence investors have in our long-term vision,” Petron President and CEO Ramon Ang said.
The offering consists of: 5-year bonds maturing in 2030 with a coupon of 6.5945 percent, 7-year bonds maturing in 2032 at 6.9761 percent, and 10-year bonds due 2035 at 7.3896 percent.
Proceeds from the offer — conducted from June 24 to 30 — will be used to redeem Petron’s Series D and E bonds, as well as for general corporate purposes.
PNB Capital and Investment Corp. served as the sole issue manager. Joint lead underwriters and bookrunners included Bank of Commerce, BDO Capital, China Bank Capital, First Metro Investment, Land Bank of the Philippines, and Philippine Commercial Capital. BPI Capital, DBP, RCBC Capital, and Security Bank Capital acted as selling agents.
Petron continues to operate the country’s lone remaining crude oil refinery in Limay, Bataan, with a rated capacity of 180,000 barrels per day.
