Philippines’ Petron to offer PHP 20 billion of perpetual preferreds

By Rebecca Melvin

New York, May 22 – Petron Corp. plans to issue PHP 20 billion of perpetual preferred shares, according to a company notice.

Petron will issue an initial 15 million shares with an over-allotment option for a further 5 million shares.

The dividend rate setting date is May 30, and the offer period will occur from June 3 to June 18. Listing is expected to occur June 25.

The preferreds are callable after 5.5 years.

The proceeds will be used to redeem PHP 7.12 billion of existing preferreds on Nov. 4 when the call option takes effect. Proceeds will also be used to repay PHP 6.96 billion of short-term debt from the Bank of The Philippines and for general corporate purposes.

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

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