Petron Looking To Raise P32 B Via Bond Issuance

Listed oil giant Petron Corp. is further beefing up its war chest with the planned issuance of up to P32 billion worth of retail bonds this year.

- By Brix Lelis

In a stock exchange filing yesterday, Petron said its board of directors approved the issuance of up to P25 billion in bonds, alongside an oversubscription of up to P7 billion.

The offer, the company noted, forms part of its shelf bond registration program rendered effective by the Securities and Exchange Commission and valid until September 2025.

Petron has yet to disclose additional details about the fundraising activity, including the use of proceeds and the coupon rates.