“The company is undertaking the exchange and tender offer as part of a proactive approach to the strategic management of its capital structure and to extend the maturity profile in respect of its outstanding obligations,” Petron said in a regulatory filing on Thursday.
Under the exchange offer, investors can trade their existing securities for an equal amount of new senior perpetual capital securities plus accrued distributions, while those who tender can opt for cash.
Any securities bought back will be canceled, trimming Petron’s outstanding debt.
The oil refiner, part of San Miguel Corp., is also conducting a concurrent issuance of new perpetual bonds in Singapore to attract fresh investors. Proceeds will be used to refinance obligations and strengthen its capital structure, supporting operations across fuel, refining, and retail.
—Edited by Miguel R. Camus
