Petron completes sale of senior notes

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Petron Corporation has completed the issuance of its unsubordinated capital securities worth $550 million (Php26.7 billion).

In a disclosure to the Philippine Stock Exchange on Tuesday, the country’s largest oil firm said that senior perpetual capital securities will be listed with the Singapore Exchange Securities Trading Limited on the same day.

Petron earlier said that it expects to rake in $547.8 million (Php26.6 billion) net of commissions from the sale. The amount raised will be used to settle its debts and to fund other corporate purposes.

Initial rate of distribution is pegged at 5.9% per annum.

Petron suffered an Php11.4 billion loss in 2020 due to the COVID-19 pandemic. Despite this, it raised its capital expenditure for 2021 by 30% from Php8.48 billion the previous year to Php11.048 billion.

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