Phoenix Petroleum to issue P3.5-B STCPs
(The Philippine Star) - December 28, 2015 - 9:00am

MANILA, Philippines – Independent oil player Phoenix Petroleum Philippines Inc. has secured regulatory approval for the issuance of P3.5 billion worth of short-term commercial papers.

“We wish to announce that the Securities and Exchange Commission has approved the registration and, consequently, issued the certificate of permit to offer securities in favor of the company authorizing the offer, sale and issuance of up to P3.5 billion worth of short-term commercial paper (STCP) in accordance with Sections 8 and 12 of the Securities Regulation Code,” the company said in a disclosure yesterday.

The STCP will be issued in two tranches and will be a reissuance of the earlier offering, Phoenix Petroleum vice president for external affairs Raymond Zorilla said in a text message.

“We will reissue P2 billion in the third week of January, and the remaining P1.5 billion will replace the outstanding P1.255 billion that will mature Feb. 22, 2016,” he said.

“Please note that we paid/retired P2 billion of the total P3.5 billion STCP that matured in October 2015,” he added.

The company has been raising funds as it gears up for its network expansion.

Earlier this month, the company completed the third tranche of its preferred share sale worth P2 billion. It involved 20 million perpetual preferred shares, which was offered in two series and was priced at P100 apiece.

Zorilla said this issuance is to support retail and oil depot expansion across the country.

The first tranche was issued in 2010 and the second in 2013.

In October, the oil firm issued P1.26 billion worth of STCP, a reissuance of the P3.5 billion offered in two tranches which matured in the same month.

The recent STCP will have a maturity period of 123 days or until Feb. 22, 2016 and will bear an interest rate of 3.75 percent.

The company started with five stations in 2005. As of the end of September, its retail station network grew to 447 stations from 418 stations last year, mostly based in Mindanao.

ACIRC BILLION COMPANY FEB IN OCTOBER MINDANAO PHOENIX PETROLEUM PHOENIX PETROLEUM PHILIPPINES INC RAYMOND ZORILLA SECURITIES AND EXCHANGE COMMISSION SECURITIES REGULATION CODE
Philstar
  • Latest
  • Trending
Latest
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with