PETRON Corp. has raised $550 million (P26.6 billion) after issuing US dollar-denominated undated unsubordinated capital securities. In a disclosure, the listed oil company said it “has completed today the issuance of US dollar undated unsubordinated capital securities with an issue size of $550 million.”These securities have been listed with the Singapore Exchange Securities Trading Limited on Tuesday. Petron has issued these securities for the repayment of indebtedness and for general corporate purposes. It also tapped BDO Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp. as domestic lead managers. Petron sustained a net loss of P11.4 billion in 2020 against the P2.3-billion net income booked a year ago.

Source: Manila Times April 20, 2021 16:18 UTC