Petron Corp., the country’s largest oil company, has spent nearly all the P17.77 billion it raised from the sale of two series of fixed-rate bonds.
In a filing with the Philippine Stock Exchange on Wednesday. Petron said only P270.8 million are left from the net proceeds of its issuance of series E and F fixed-rate bonds after allocating additional funds this month.
Series E bonds is due 2025 while series F matures in 2027. Each raised a gross amount of P9 billion.
The company allocated P4.04 billion for capital expenditures of its power plant project, which involves increasing the capacity of its power station located inside its refinery company to 184 megaWatts from 140 MW.
