Phoenix Petroleum Philippines plans PHP 3 billion-PHP 5 billion of five-, seven-year notes

By Marisa Wong

Madison, Wis., April 29 - Phoenix Petroleum Philippines, Inc. announced that its board of directors has approved the issuance of at least PHP 3 billion and up to PHP 5 billion of corporate notes.

The company has appointed BPI Capital Corp., Hongkong and Shanghai Banking Corp., Development Bank of the Philippines and Land Bank of the Philippines with Chinatrust (Philippines) Commercial Bank Corp. as co-lead managers.

The notes will have maturities of five and seven years.

Proceeds will be used to refinance existing secured debt and for capital expenditures.

Phoenix is a Davao City, Philippines-based company specializing in refined petroleum products.

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