Petron Corp. on Monday listed on the Philippine Dealing and Exchange Corp. (PDEX) its fixed-rate bond that raised P32 billion amid oversubscription, which underscored investor confidence on the Philippines’ largest oil company
The bond issue of San Miguel Corp.’s listed oil subsidiary completes the P50-billion shelf registration approved by the Securities and Exchange Commission.
The bond offer was nearly 1.3 times oversubscribed, with P7 billion more than the P25 billion base offer in demand. The bonds were priced at the lower end of the interest rate range, reflecting strong investor confidence.
“The strong response underscores not only the success of another fundraising initiative but also the confidence investors have in our long-term vision,” said Petron president and chief executive Ramon Ang. “We remain committed to ensuring energy security and delivering quality petroleum products nationwide.”
The bonds come with varying maturities and yields: five-year bonds maturing in 2030 yield 6.5945 percent per annum, seven-year bonds maturing in 2032 carry a 6.9761 percent interest rate, and ten-year bonds maturing in 2035 offer 7.3896 percent per annum.
Proceeds from the bond sale will be used to redeem existing Series D and E bonds and support general corporate purposes.
Petron continues to lead the oil sector with the only refinery in Limay, Bataan, and the widest network of service stations and terminals, ensuring steady fuel supply across the country.
PNB Capital was the sole issue manager of Petron’s bond sale.
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