PETRON Corp. said it had completed on Wednesday the redemption of its fixed rate bonds amounting to P13.31 billion issued in 2016.
“Petron Corp. completed today the redemption of all its Series A fixed rate bonds with an aggregate principal amount of P13 billion,” Petron Vice-President Joel Angelo C. Cruz said in a letter to the Philippine Stock Exchange (PSE) on Wednesday and posted on the PSE website on Thursday.
The oil company’s redemption of its Series A bonds was sourced from the proceeds of the sale of its Series E and Series F bonds amounting to P18 billion on Oct. 5.
Sales of its Series E bonds reached P9 billion — P8.76 billion from retail investors and P241 million from institutional investors.
Meanwhile, those of its Series F bonds hit P9 million, with P8.44-billion worth bought by retail investors and P560.6 million by institutional investors.
Expenses related to the offering amounted to P216.79 million, leaving net proceeds at P17.78 billion. These included taxes, legal fees, filing fees, listing fees, and other professional fees and miscellaneous expenses, Mr. Cruz said in the company’s filing.
Another P312.5 million of the proceeds were used for payment of Petron’s existing debt. The balance of the proceeds stood at P3.67 billion.
On Thursday, shares of Petron at the stock market went down by 2.03% or eight centavos to close at P3.87 each. — Bianca Angelica D. Añago