PHOENIX PETROLEUM Philippines, Inc. has listed P3.1 billion in securities on the Philippine Dealing and Exchange Corp. (PDEx), which it plans to use to fund its fuel and lubricant imports.
The company listed the 332-day commercial debt paper on Aug. 26 after the Securities and Exchange Commission approved it, it said in a stock exchange filing on Thursday.
The listing of the notes, which have a 5% annual discount rate, is the fourth tranche of Phoenix’s P7-billion commercial paper program launched earlier this month.
“We are grateful that against the backdrop of bounding uncertainties in the market, we have been able to successfully return to PDEx,” President and Chief Operating Officer Henry Albert R. Fadullon said at the company’s virtual listing.
Limited inventory due to credit tightening had made it difficult for Phoenix to recover in the second quarter, resulting in weaker-than-expected volume in domestic fuel, it said in a separate statement on its quarterly performance.
“Regional and local developments within the industry and credit markets have tightened access to working capital,” Mr. Fadullon said in the statement. “We saw this hamper our recovery as we had to divert resources to debt service and pull back on inventory replenishment.”
Phoenix posted a net loss of P5 million in the second quarter, which it said was “significantly lower” than its P386-million loss a quarter earlier. Revenue for the three months through June fell by 30%.
Phoenix shares rose by 0.18% to close at P11.20 each. — Adam J. Ang