Petron seeks SEC nod for P20-B bond sale
PETRON Corp. has filed an application with the Securities and Exchange Commission (SEC) for the issuance of fixed-rate bonds amounting to P20 billion to repay debt.
In a disclosure on Tuesday, Petron said the peso-denominated fixed rate bonds represented the final tranche of a P40-billion three-year shelf registration program that was approved by the SEC in October 2016.
Petron said the P20-billion bond issue was approved by its board on August 7. Upon issuance, the bonds will be listed on the Philippine Dealing and Exchange Corp. (PDEx).
BDO Capital and Investment Corp. and BPI Capital Corp. are the joint issue managers, as well as joint bookrunners and joint lead underwriters along with China Bank Capital Corp.
Petron’s proposed P20-billion bond issue was rated “PRS Aaa” with a stable outlook by the Philippine Rating Services Corp. (PhilRatings), indicating its strong capacity to meet its financial commitments on the obligation.
Petron, which supplies almost 40 percent of the country’s oil requirements, currently has a network of more than 2,400 stations. The company has the biggest market share of 27.6 percent as of first quarter of this year based on data from the Department of Energy (DoE).
It also exports petroleum and non-fuel products to various countries in the Asia-Pacific including Pakistan and the United Arab Emirates.
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