^

Business

Petron raises P20 billion from bond offering

Danessa Rivera - The Philippine Star
Petron raises P20 billion from bond offering
In a disclosure to the Philippine Stock Exchange, Petron said it has notified regulators that it completed the offer of Series C bonds and Series D bonds totaling P20 billion.
Facebook.com / Petron Corporation

MANILA, Philippines — Petron Corp., the country’s biggest oil refiner, has raised P20 billion from its bond offering to refinance debt.

In a disclosure to the Philippine Stock Exchange, Petron said it has notified regulators that it completed the offer of Series C bonds and Series D bonds totaling P20 billion.

The oil firm raised P13.2 billion under the Series C Bond offering and P6.8 billion for Series D bonds.

The Series C bonds have an interest rate of 7.8183 percent per annum due 2024 while Series D carry an interest of 8.0551 percent interest per annum due 2025.

The said bonds represent the last tranche of the P40-billion shelf registration for peso-denominated fixed rate bonds and will be listed with the Philippine Dealing & Exchange Corp. (PDEX).

Local credit agency Philippine Rating Services Corp. earlier assigned a credit rating of  PRS Aaa, with a stable outlook – the highest rating – for the Petron bonds.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The issuer’s  capacity to meet its financial commitment is extremely strong.

A stable outlook, on the other hand, means the rating is likely to remain unchanged in the next 12 months.

PhilRatings based its rating on Petron’s improving financial statements, supported by growing sales volume on the back of its network expansion.

In the first half, Petron posted a 16 percent jump in net earnings to P9.5 billion on strong sales volume.

Consolidated revenues rose 32 percent to P273.5 billion, driven by sustained sales volumes of its Philippine and Malaysian operations and higher prices of crude oil and finished products, the oil firm said.

Consolidated sales volumes grew from 52.9 million barrels to 54.4 million barrels.

Meanwhile, the average benchmark Dubai crude oil rose 32 percent to $68 per barrel in the first six months.

At home, Petron has a network of over 2,400 stations – the largest in the country and more than its three next competitors combined. In Malaysia, it has over 620 stations.

PETRON CORP. PHILIPPINE STOCK EXCHANGE
Philstar
  • Latest
  • Trending
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!

FORGOT PASSWORD?
SIGN IN
or sign in with