Philippines’ Petron plans early redemption of series B notes on Dec. 5

By Marisa Wong

Madison, Wis., Oct. 30 – Petron Corp. plans to redeem its series B fixed-rate corporate notes, according to a 17-C filing with the Philippine Securities and Exchange Commission.

The notes are expected to be redeemed on Dec. 5.

The company said it exercised its early redemption option because the rate of the final withholding tax on the coupon for the series B notes was increased to 20% in December 2012 from 2% at issuance in 2009.

Petron is an oil company controlled by conglomerate San Miguel Corp. Both companies are based in Mandaluyong City, Philippines.

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