‘The strong response underscores not only the success of another fundraising initiative but also the confidence investors have in our long-term vision.’
Petron remains the oil industry leader in the Philippines, operating the country’s only remaining refinery in Limay, Bataan.
Photograph courtesy of Petron
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Petron Corp. raised P32 billion from its latest bond offering, completing the final tranche of its P50-billion shelf registration with the Securities and Exchange Commission. The bonds were formally listed on the Philippine Dealing and Exchange Corp. (PDEx) on 7 July.
Investor demand exceeded expectations, with the oil giant’s offer oversubscribed by nearly 1.3 times from its P25-billion base, resulting in an additional P7 billion taken up. The interest rates were settled at the lower end of the price guidance, signaling market confidence in Petron’s financial stability and long-term direction.
“The strong response underscores not only the success of another fundraising initiative but also the confidence investors have in our long-term vision,” Petron president and CEO Ramon Ang said.
“We are grateful for this trust and remain deeply committed to leading the charge when it comes to ensuring energy security and delivering quality petroleum products across the country.”
Bonds redemption
The five-year bonds due in 2030 carry an annual interest rate of 6.5945 percent, while the seven-year bonds maturing in 2032 offer 6.9761 percent. The 10-year bonds, set to mature in 2035, yield 7.3896 percent per annum. The bonds were offered to the investing public from 24 to 30 June.
Petron said proceeds from the issuance will be used to redeem its outstanding Series D and E bonds, as well as support general corporate requirements.
As the country’s leading oil company, Petron operates the Philippines’ only remaining refinery located in Limay, Bataan, and maintains the widest network of service stations and terminals, ensuring nationwide fuel availability.
PNB Capital and Investment Corp. acted as the sole issue manager. The joint lead underwriters and bookrunners for the offering included Bank of Commerce, BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., Land Bank of the Philippines and Philippine Commercial Capital Inc.
Meanwhile, BPI Capital Corp., Development Bank of the Philippines, RCBC Capital Corp., and Security Bank Capital Investment Corp. served as selling agents.
