Phoenix Petroleum issuing $300 million perpetual bonds

MANILA, Philippines — Independent oil firm Phoenix Petroleum plans to issue up to $300 million perpetual bonds to be listed on the Singapore Stock Exchange.

In a disclosure to the Philippine Stock Exchange yesterday, Phoenix said proceeds from the bond offering would be used to refinance working capital and for general corporate purposes.

The company was also authorized by its board to appoint Australia New Zealand Ltd. (ANZ) as sole global coordinator and joint lead manager and joint bookrunner together with ING N.V. Bank and UBS Group AG.

Phoenix will conduct a series of fixed income investor meetings in Manila, Hong Kong and Singapore starting this month.

In a separate disclosure, the oil firm announced the opening of the first Autowork Plus branch at its gas station along West Service Road in Muntinlupa City.

The car-servicing shop aims to serve motorists as a one-stop automotive facility equipped to handle a whole range of car care needs.

It offers light to medium car repairs and maintenance, such as oil change, engine tune-up, brake servicing, clutch and transmission servicing, under-chassis repair, suspension repair, wheel alignment, wheel balancing, tire rotation, bulb and light check-up, electrical servicing, vulcanizing, air condition repair, auto detailing, car body wash, and under-chassis wash.

The shop also provides a VIP experience to customers with its cozy and spacious lounge—an air-conditioned space offering several seats where customers can view their vehicle being serviced or browse the Internet while waiting.