By Christine Van Dusen
Atlanta, March 6 - Philippines-based Petron Corp. priced a $250 million increase of its 7½% perpetual notes at 104.25 to yield 6.551%, a market source said.
Deutsche Bank, HSBC, Standard Chartered Bank and UBS were the bookrunners for the Regulation S deal.
The notes will be consolidated to form a single series with the $500 million notes that priced on Feb. 6 to yield 7½%.
The new notes include a make-whole call and a change-of-control put.
The proceeds will be used to fund capital expenditures and for general corporate purposes.
Petron is a Makati City, Philippines-based oil refining and marketing company.
| Issuer: | Petron Corp.
|
| Amount: | $250 million
|
| Maturity: | Perpetual
|
| Description: | Subordinated notes
|
| Bookrunners: | Deutsche Bank, HSBC, Standard Chartered, UBS
|
| Coupon: | 7½%
|
| Price: | 104.25
|
| Yield: | 6.551%
|
| Call features: | Non-callable for 5½ years
|
| Trade date: | March 6
|
| Settlement date: | March 11
|
| Distribution: | Regulation S
|
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