Petron Corp., the oil refining and distribution arm of San Miguel Corp., has accepted a total of USD387.4 million in principal amount of existing securities tendered under its Exchange and Tender Offer for U.S. dollar-denominated senior perpetual capital securities.
The securities, which are listed on the Singapore Exchange Securities Trading Limited, were part of a broader capital management initiative by Petron. The company priced the new securities on Monday, September 15, at 100 percent of their face value.
The accepted amount consists of USD333.2 million in new exchange securities to be issued in exchange for validly tendered existing securities, and USD141.8 million in new securities to be issued under a concurrent offering. The new securities carry an initial distribution rate of 7.35 percent, with a capital spread of 3.825 percent.
Petron confirmed that all valid tenders have been accepted, as the total did not exceed the Maximum Tender Acceptance Amount of USD55 million for the tender offer. As a result, no proration was applied.
The Settlement Date for the exchange and tender offer is expected to be on or about September 22, 2025. Each securityholder who tendered and was accepted will receive USD1,000 in new securities for every USD1,000 tendered, plus any accrued distribution amount.
The transaction forms part of Petron’s efforts to streamline its capital structure, manage funding costs, and extend its debt maturity profile to support long-term growth.
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