Chicago, April 13 – Petron Corp. sold $550 million senior perpetual capital securities at par, according to an offering document.
The securities start with a 5.95% initial distribution rate which resets to Treasuries plus 250 basis points on April 19, 2026 and every fifth anniversary thereafter.
Interest is payable semiannually.
DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd., MUFG Securities Asia Ltd., SMBC Nikko Capital Markets Ltd., Standard Chartered Bank and UBS AG Singapore Branch are the joint lead managers and joint bookrunners for the Regulation S offering. HSBC is also global coordinator.
BDO Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. will act as domestic lead managers.
Proceeds will be used to repay debt and for genera\l corporate purposes.
Petron is an oil company controlled by conglomerate San Miguel Corp. Both companies are based in Mandaluyong City, Philippines.
| Issuer: | Petron Corp.
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| Issue: | Senior perpetual capital securities
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| Amount: | $550 million
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| Maturity: | Perpetual
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| Bookrunners: | DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd., MUFG Securities Asia Ltd., SMBC Nikko Capital Markets Ltd., Standard Chartered Bank and UBS AG Singapore Branch
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| Co-managers: | BDO Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp.
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| Coupon: | 5.95% initial rate; resets on April 19, 2026 to Treasuries plus 250 bps and then resets every five years
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| Price: | Par
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| Yield: | 5.95%
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| Call features: | Starting on April 19, 2026 and any distribution date thereafter
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| Trade date: | April 12
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| Settlement date: | April 19
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| Distribution: | Regulation S
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