Phoenix Petroleum raises 133mn in commercial papers program
Philippine oil company lists maiden series of its Php 10 billion ($189.6mn) commercial papers program.
Fastest-growing oil company in the Philippines, Phoenix Petroleum, has raised Php 7 billion ($132.7mn) through the listing of commercial papers on the Philippine Dealing and Exchange Corp. on December 27, 2018.
This serves as the maiden series of the company’s Php 10 billion commercial papers program which will be issued and reissued over a three-year period—a milestone in the debt securities market as it is the first program of its kind to be approved by the Securities and Exchange Commission (SEC).
“We received bids of over Php 9 billion for the initial series, which goes to show how strong investor confidence is in Phoenix Petroleum and its future growth prospects,” PNB Capital President and Chief Executive Officer Gerry Valenciano said.
PNB Capital and Investment Corp. acted as the sole issue manager for the commercial papers program and lead underwriter and sole bookrunner for the initial series.
Phoenix operates a network of almost 600 stations in the islands.
