Philippines’ Petron to offer PHP 10 billion preferreds via five banks

By Marisa Wong

Madison, Wis., Sept. 8 – Petron Corp. is planning a PHP 10 billion sale of non-convertible preferred shares, according to a Philippines Stock Exchange notice.

The company said it tapped BDO Capital and Investments Corp., ChinaBank, RCBC Capital Corp., SB Capital and Standard Chartered Bank as the joint lead managers for the offering.

Proceeds will be used to redeem the company’s PHP 10 billion outstanding preferreds, which are callable beginning on March 5, 2015.

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

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