PETRON Corp. has completed its follow-on offering and was able to raise P16.8 billion in preferred shares, the Ang-led company announced on Tuesday.
In a stock exchange disclosure, the oil company said it had sold P8.5 billion worth of Series 4D shares and P8.33 billion worth of Series 4E shares.
The shares were offered from Sept. 5 to Sept. 13, consisting of 13 million preferred shares and an oversubscription option of up to four million additional shares, at a share price of P1,000 each.
Petron previously said that the proceeds from the latest offering would be used to redeem the company’s Series 3A preferred shares, refinance maturing obligations, and fund general corporate purposes, including the purchase of crude oil inventory.
The shares are set to be listed on the Philippine Stock Exchange on Sept. 23.
This offering represents the second tranche of Petron’s shelf registration for up to 50 million preferred shares. In the first tranche, the company offered up to 22.5 million preferred shares.
Petron tapped BDO Capital & Investment Corp. as the sole issue manager. Bank of Commerce, BDO Capital, Chinabank Capital Corp., Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., and SB Capital Investment Corp. have been designated as joint lead underwriters and joint bookrunners.
Meanwhile, East West Banking Corp., First Metro Investment Corp., and RCBC Capital Corp. were tapped as the selling agents for the offer.— Sheldeen Joy Talavera
