Phoenix Petroleum to issue $300-M securities

Listed firm Phoenix Petroleum Philippines, Inc. is tapping offshore capital markets for up to US$300 million worth of securities issuance, of which proceeds will be funneled to bankroll programmed projects.

“We are trying to raise US$200 million to US$300 million,” noted lawyer Raymond T. Zorrilla, Phoenix Petroleum Vice President of External Affairs, Business Development and Security, relating to the scale of the planned issue.

He emphasized that this batch of cash infusion will generally bankroll the equity that they will be injecting into the US$2.0 billion worth of liquefied natural gas (LNG) projects.

For the securities issuance, the Uy-led oil firm has mandated ANZ as sole global coordinator; and ING and UBS-AG Singapore as joint lead managers and book runners.

The specified investment banks will arrange “a series of income investor meetings in Manila, HongKong and Singapore commencing March 1,2019,” then the securities float will be a follow-through activity, according to the oil company.

The offering will be a US dollar-denominated Regulation S-only type of senior perpetual capital securities and planned to be issued unrated.

Phoenix Petroleum is currently pursuing aggressive market expansion – not just in the Philippines, but it is also targeting to broaden its business reach offshore.

For the LNG projects, what the company set in blueprint is 2.2 mtpa capacity of import terminal that is eyed for completion in 2023.