Phoenix Petroleum Philippines details upcoming perpetual preferreds

By Marisa Wong

Morgantown, W.Va., Sept. 24 – Phoenix Petroleum Philippines, Inc. disclosed more details on its planned issuance of up to PHP 2 billion of perpetual preferred shares.

The company expects to conduct a public offering of up to 20 million preferreds at PHP 100 per share. The maximum amount includes 10 million preferreds under an oversubscription option.

The preferreds will be issued in two series. Series 3A preferreds will be callable on the third anniversary of the listing date and will be subject to a dividend rate step-up on the fifth anniversary. Series 3B preferreds will be callable on the fifth anniversary of the listing date and will be subject to a dividend rate step-up on the seventh anniversary.

Penta Capita & Investment Corp. will be the issue manager and a joint lead underwriter alongside Multinational Investment Bancorp. and AB Capital and Investment Corp.

Proceeds will be used to finance capital expenditure and additional working capital requirements.

The oil company is based in Davao City, Philippines.

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