Phoenix raises P3.5 B from comm’l papers

MANILA, Philippines — Independent petroleum firm  Phoenix Petroleum Philippines Inc. has raised P3.5 billion from the issuance of the second tranche of its P10-billion commercial paper (CP) program.

In a disclosure to the Philippine Stock Exchange yesterday, the company said it issued P3.5 billion worth of three-year CPs, priced at a discount rate of seven percent. The debt securities are redeemable in 360 days.

PNB Capital and Investment Corp. served as lead arranger and issue manager.

The latest issuance will support the short-term funding requirements of the company for its importation and sale of petroleum products, and follows the initial P7 billion issuance in December last year under Series A and B.

“The issuance of the commercial papers is instrumental in supporting the more immediate demands of our petroleum business, which has displayed consistent and significant growth over the years, and also reflects the positive financial ratings of the company. As a home-grown milestones,” Phoenix Petroleum chief finance officer Henry Albert Fadullon said in a statement.

The P10-billion CP program was recently awarded the Best Debt Deal for the Philippines by the 2019 Asian Banking and Finance Corporate and Investment Banking Awards.