By Marisa Wong
Los Angeles, July 7 – Philippines’ Petron Corp. announced it listed PHP 14 billion of series 4 perpetual preferred shares on the Philippine Stock Exchange on Friday, according to a press release.
The PHP 12.5 billion initial offering was oversubscribed by PHP 1.5 billion, the company reported.
Dividend rates are 6.7079% for the series 4A preferreds, 6.7972% for the series 4B preferreds and 7.0861% for the series 4C preferreds.
The offer period ran from June 15 to June 27.
As previously reported, the company offered 12.5 million preferred shares at PHP 1,000 each with an oversubscription option for 10 million shares.
China Bank Capital Corp. is the issue manager and also a joint lead underwriter and bookrunner with Bank of Commerce, Philippine Commercial Capital Inc., PNB Capital and Investment Corp. and SB Capital Investment Corp. First Metro Investment Corp. was a selling agent.
Proceeds will be used to redeem the company’s senior perpetual capital securities issued in 2018.
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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| Amount: | PHP 14 billion
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| Issue: | Series 4 preferred shares
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| Maturity: | Perpetual
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| Bookrunners: | China Bank Capital Corp. (issue manager); Bank of Commerce, Philippine Commercial Capital Inc., PNB Capital and Investment Corp. and SB Capital Investment Corp.
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| Dividend: | 6.7079% for series 4A, 6.7972% for series 4B and 7.0861% for series 4C
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| Price: | PHP 1,000 per share
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| Offer period: | June 15-June 27
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| Listing date: | July 7
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| Listing: | Philippines
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