PHOENIX Petroleum Philippines, Inc. (Phoenix)will be offering the fourth tranche of its P10-billion commercial papers program this month.
The listed independent oil retailer notified the Securities and Exchange Commission (SEC) of its intention to bid as much as P2 billion worth of debt papers with an oversubscription option of up to P1.5 billion.
The 360-day promissory notes, which may have a 5% annual discount rate, is seen to yield P3.28 billion in proceeds, which the company is likely to use to procure imported fuels and lubricants.
Phoenix will offer the commercial papers from July 21 to 23 and will list them at the Philippine Dealing & Exchange Corp. on July 29.
The terms of the latest debt papers series are yet to be finalized before the issue period.
Meanwhile, the Philippine Ratings Services Corp. will update its outlook and ratings for the notes.
Phoenix has tapped PNB Capital and Investment Corp. as sole issue manager and underwriter of the papers and Philippine National Bank Trust Banking Group as its trustee.
The company’s commercial papers program started in 2018. It issued P7 billion in the first series on Dec. 27, 2018. — Adam J. Ang