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Philippines’ Petron offers 6.8713%, 7.1383% perpetual preferreds
By Marisa Wong
Morgantown, W.Va., June 4 – Petron Corp. priced PHP 15 billion of series 3 perpetual preferred shares at par with an up to PHP 5 billion oversubscription option.
The issue consists of PHP 10 billion of 6.8713% series 3A preferreds and PHP 5 billion of 7.1383% series 3B preferreds, according to a notice.
If the greenshoe is exercised, the breakdown between the series 3A and series 3B preferreds will be made at the end of the offer period, which began on June 3 and ends on June 18.
The preferreds are callable after 5˝ years, according to a previous announcement.
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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