The board of Phoenix Petroleum Philippines on Monday approved the registration of commercial papers with an aggregate principal amount of P7 billion as part of capital raising program.
Phoenix said in a disclosure to the stock exchange the amount included the previous offer and listing of commercial papers with an aggregate principal amount of up to P2 billion and an oversubscription option of up to P1.5 billion (commercial paper series D).
“The recently disclosed registration of P7 billion commercial papers, of which up to P3.5 billion will be offered is a separate program,” Phoenix senior vice president for external affairs Raymond Zorrilla said.
The board also approved the filing of relevant applications with the Securities and Exchange Commission and the Philippine Dealing & Exchange Corp.
Phoenix approved last week the offer and issuance of short-dated securities worth P3.5 billion to qualified buyers in the country.
“The company reconfirms that it will settle on July 30, 2020 the maturing CP [commercial papers] Series C amounting to P3.5 billion as scheduled,” Phoenix said.
Proceeds of the SDS will be utilized for general corporate purposes.
Meanwhile, Phoenix said the proposed issuance of the fourth series of the P3.5-billion commercial papers (Series D) was rescheduled from the July 29 target date due to the delay in the completion of the requirements for the registration and listing.
Phoenix expects to raise around P3,280,015,570 from the CP Series D offer which will be used to finance working capital requirements in relation to the regular importation of fuels and lubricants.
Phoenix was established in 2002 in Davao City. It listed on the PSE in 2005 to capitalize on investor confidence and has since expanded with over 615 retail stations around the country as of end-March 2020.
It continues to strengthen its position in the retail and commercial petroleum business and has supporting interests in lubricants, LPG, asphalt, financial technology and retail convenience stores. It also has trading offices in Singapore and has investments in LPG retail in Vietnam.
