P3-B payments firm up Phoenix books

Phoenix Petroleum Philippines has raised billions of additional funding to strengthen its balance sheet and enhance its liquidity.

The oil firm said Tuesday that it has settled a P3.083 billion in commercial papers (CP) on 26 July that would reduce its indebtedness and boost leverage and liquidity profile.

“This puts us in a firmer footing and positions us well into the second half of the year. We are building on the progress of the past quarter as we prioritize our people’s safety, our customers’ needs, and preservation of resources,” Phoenix Petroleum president Henry Albert Fadullon said.

“The CP program of Phoenix has always been well-supported by both the retail and institutional investors, and the company is grateful for the confidence given, and having the opportunity to offer such instruments that benefit the investors, and support our growth,” he added.

Debts, internal funds tapped

Phoenix said the settlement of CP Series D was funded by a mix of internal funds and financing support from established institutional creditors.

“Amid persistent challenges, so far, this year, we generated record-high quarterly volume in the second quarter on the back of our fuels and LPG businesses.”

With this improvement in sales, along with our sustained efforts to prudently manage our costs and capital, we have been able to shorten the cash cycle, and gradually deleverage,” Fadullon said.