The offering, listed July 7 on the Philippine Dealing and Exchange Corp. (PDEx), drew demand well beyond its P25-billion base, with a P7-billion oversubscription that allowed pricing at the low end of the marketing range.
Investor confidence
Despite tighter capital markets, investors snapped up Petron’s bonds—priced at 6.59 to 7.38 percent depending on tenor—underscoring belief in the company’s vision and stability.
“The strong response underscores not only the success of another fundraising initiative but also the confidence investors have in our long-term vision,” said Ang, the president and CEO of Petron.
“We are grateful for this trust and remain deeply committed to leading the charge when it comes to ensuring energy security and delivering quality petroleum products across the country,” he added.
Capital boost
Proceeds will go toward redeeming Series D and E bonds and supporting general corporate needs. The capital boost will help Petron sustain operations at its Limay refinery and fuel network, keeping its edge as the country’s top oil player.
This marks the final leg of Petron’s multi-year fundraising strategy. PNB Capital served as sole issue manager, with Bank of Commerce, BDO Capital, China Bank Capital, First Metro, LandBank, and Philippine Commercial Capital as joint lead underwriters and bookrunners, while BPI Capital, DBP, RCBC Capital, and Security Bank Capital acted as selling agents.
-Edited by Miguel R. Camus
