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Philippines’ Petron offers 12.5 million preferred shares
Chicago, June 7 – Petron Corp. said that it will be offering 12.5 million preferred shares under a shelf registration for up to 50 million shares, according to a notice.
The first tranche will have an oversubscription option of 10 million preferred shares.
The offering price is PHP 1,000 each.
The company expects to net PHP 22.34 billion from the offer, assuming the oversubscription option is exercised.
Proceeds will be used for debt refinancing and to purchase crude oil.
The preferred shares will be listed and trade on the main board of the Philippine Stock Exchange.
China Bank Capital Corp. is the issue manager, the joint lead underwriter and bookrunner with Bank of Commerce, Philippine Commercial Capital Inc., PNB CIC and SB CIC.
Petron is an oil company controlled by conglomerate San Miguel Corp. Both companies are based in Mandaluyong City, Philippines.
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