By Marisa Wong
Morgantown, W.Va., Oct. 27 – Petron Corp. announced it issued PHP 20 billion of fixed-rate bonds to retail investors on Thursday. The issue amount includes a base offer of PHP 15 billion and an oversubscription of PHP 5 billion.
The issue consists of PHP 13 billion of series A bonds maturing in five years with an interest rate of 4.0032% and PHP 7 billion of series B bonds due in seven years with an interest rate of 4.5219%.
The issue was twice oversubscribed and was priced at the tight end of talk, according to a press release.
BDO Capital & Investment Corp., BPI Capital Corp. and SB Capital Investment Corp. are the joint lead underwriters, joint bookrunners and joint issue managers. East West Banking Corp. and First Metro Investment Corp. are the co-lead underwriters. PNB Capital and Investment Corp. also participated.
This is the first tranche under the company’s previously registered PHP 40 billion of fixed-rate bonds.
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.
| Issuer: | Petron Corp.
|
| Issue: | Fixed-rate bonds
|
| Amount: | PHP 20 billion
|
| Underwriters: | BDO Capital & Investment Corp., BPI Capital Corp. and SB Capital Investment Corp. (joint lead); East West Banking Corp. and First Metro Investment Corp. (co-lead); PNB Capital and Investment Corp. (participating)
|
| Settlement date: | Oct. 27
|
| Rating: | PhilRatings: PRS Aaa
|
|
|
| Series A
|
| Amount: | PHP 13 billion
|
| Maturity: | Five years
|
| Coupon: | 4.0032%
|
|
|
| Series B
|
| Amount: | PHP 7 billion
|
| Maturity: | Seven years
|
| Coupon: | 4.5219%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
