Investors swapped $333.19 million into new senior perpetual notes and tendered $54.2 million for cash, cutting the outstanding old bonds to about $162.6 million.
The new securities carry a minimum initial rate of 7.35 percent per year, up from the earlier 5.95 percent, and come with an optional redemption in Sept. 2028.
Petron said the initiative helps extend its maturity profile while bolstering its balance sheet.
Alongside the swap, the San Miguel Corp. unit is also issuing new perpetual bonds in Singapore to attract fresh capital, with proceeds going to refinancing and supporting its fuel, refining, and retail operations.
—Edited by Miguel R. Camus
