The Daily Tribune
Petron caps P50-B bond float with strong backing
Petron Corporation has successfully raised P32 billion, marking the completion of its P50-billion bond program with strong investor backing.
The offering was oversubscribed by nearly 1.3 times its P25-billion base, prompting Petron to take up an additional P7 billion.
The interest rates for the bonds were set at the lower end of the price guidance, reflecting market confidence in Petron's financial health and future prospects.
Petron President and CEO Ramon Ang expressed gratitude for the investors' trust, emphasizing the company's commitment to ensuring energy security and delivering quality petroleum products in the Philippines.
The newly listed bonds include five-year bonds due in 2030 with a 6.5945% interest rate, seven-year bonds maturing in 2032 at 6.9761%, and 10-year bonds due in 2035 yielding 7.3896% annually.
The bonds were made available to the public for subscription from June 24 to June 30.
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