Petron's P32-B bond offer to start June 24

Here's the rewritten blog post

The Countdown Begins Petron's P32-B Bond Offer Launches June 24

In a move that signals the company's commitment to growth and innovation, PETRON Corp. has announced that its P32-billion bond issue will commence on June 24, with an expected conclusion by the end of the month.

A Monumental Bond Issue

This issuance comprises two main components a base offer of approximately P25 billion and an oversubscription option of up to P7 billion. If the oversubscription option is fully exercised, Petron expects to generate net proceeds of around P31.60 billion. Conversely, if only the base offer is taken up, the expected net proceeds would be approximately P24.68 billion.

A Bond Program in Full Swing

The current bond issue is the second tranche of a P50-billion fixed-rate bond program approved by the Securities and Exchange Commission (SEC) in September 2021. The first tranche saw Petron raise P18 billion, with bonds issued on October 12, 2021.

Three Bond Options to Choose From

Under the second tranche, Petron will be offering three types of bonds Series G bonds due 2030 carrying an interest rate of 6.5945 percent per annum; Series H bonds due 2032 with an interest rate of 6.9761 percent per annum; and Series I bonds due 2035 featuring an annual payout of 7.3896 percent.

The Issue Date July 7

The issue date has been set for July 7, at which time the bonds will also be listed on the Philippine Dealing & Exchange Corp.

Funds Raised to Fuel Growth

Proceeds from this exercise will primarily be used to repay Series D Bonds maturing on October 19 and Series E Bonds maturing on October 12; repayment of existing debt; repayment of short-term loans used to fund working capital requirements; and general corporate purposes.

A Team Effort Joint Lead Underwriters and Bookrunners

PNB Capital and Investment Corp. is the sole issue manager, while Bank of Commerce, BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., Land Bank of the Philippines, Philippine Commercial Capital, Inc., and PNB Capital and Investment Corp. are the joint lead underwriters and bookrunners.

Petron's Shares Take Flight

In response to the news, Petron shares rose by P0.02, or 0.81 percent, to settle at P2.50 apiece on Friday.

As we look to the future of finance, it is crucial that companies like Petron continue to innovate and adapt to changing market conditions. By offering a diverse range of bond options and leveraging the expertise of joint lead underwriters and bookrunners, Petron is poised for success in its P32-billion bond issue.
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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.