Petron retires $37-M in 2019 dollar debts
Listed with the Singapore Exchange Securities Trading Limited, Petron expects to complete the settlement of the tender offer on Thursday, 19 January
Oil company Petron Corp. has received $37.48 million worth of securities for its tender offer of a $500-million United States dollar-denominated debt facility issued in 2018.
In a regulatory filing on Monday, the Ramon S. Ang-led company said that out of the offers received as of 12 January, it will accept $22.47 million for purchase.
The designated dealer manager for the tender offer was Mizuho Securities Asia Limited. Meanwhile, Morrow Sodali Limited served as the information and tender agent.
Listed with the Singapore Exchange Securities Trading Limited, Petron expects to complete the settlement of the tender offer on Thursday, 19 January.
Petron is the country’s largest oil company with a combined refining capacity of 268,000 barrels per day
Upon the completion of the offered securities in the tender offer, Petron indicated that the remaining principal amount outstanding will be $477.53 million.
Dutch auction set
Based on a modified Dutch auction procedure, the purchase price of the offer to be received will be $927 per $1,000 in principal amount of securities.
The distributions for the full semi-annual period will be paid to those on whose names are the securities registered as of the record data.
They will receive the data regardless of whether they tendered their securities under the tender offer.
Petron is the country’s largest oil company with a combined refining capacity of 268,000 barrels per day. It operates the Philippines’ remaining refinery that can provide about 40 percent of the country’s overall petroleum requirements.
To date, it has 30 terminals, and more than 2,000 service stations nationwide.
During the first nine months of 2022, Petron reported that its net income surged 64 percent yearon-year to P8.2 billion. It nearly doubled its 2022 bottom line as the economy reopened.