Petron Corp. said Tuesday it completed the offer of the initial tranche of Series 4 preferred shares, raising a total P13 billion for the oil company of diversified conglomerate San Miguel Corp.
Petron offered an initial tranche of 12.5 million series 4 preferred shares that are cumulative, non-voting, non-participating, redeemable, and re-issuable. The oil company set aside 10 million more preferred shares to cover excess demand, and projected net proceeds of P22.3 billion if the extra shares were fully taken up.
The Series 4 preferred shares, to be issued in three subseries, was priced at P1,000 each.
The proceeds are intended for the partial redemption of certain securities, refinancing of some debts, and crude oil purchase.
Petron said it raise a total P6.77 billion from individual investors while corporate bought a total P7.23 billion worth of preferred shares.
The preferred shares are tentatively scheduled to be listed on the Philippine Stock Exchange on July 7.
Petron has tapped China Bank Capital Corp. as the sole issue manager for the offer. China Bank was also named joint lead underwriter and bookrunner along with Bank of Commerce, Philippine Commercial Capital Inc., PNB Capital and Investment Corp. and SB Capital Investment Corp.
