Philippines’ Petron plans PHP 20 billion five-, seven-year bonds

By Marisa Wong

Morgantown, W.Va., Aug. 26 – Petron Corp. plans to raise up to PHP 20 billion from an issuance of five- and seven-year fixed-rate bonds, according to a notice.

The company said it expects to complete the first tranche in the fourth quarter of 2016.

Proceeds will be used primarily to refinance existing debt and to fund working capital requirements.

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

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