Petron Corp. said its tender offer drew $401.957 million from holders of $750 million, 7.5 percent undated subordinated capital securities.
Petron said in a disclosure to the stock exchange the tender offer expired at 5 p.m. on Jan. 16 and “the aggregate amount of the securities validly tendered pursuant to the tender offer is $401.957 million.”
Petron set the settlement date on Jan. 22.
“The company has decided to accept for purchase the aggregate principal amount of $401.957 million of securities validly tendered with no pro rate scaling,” it said.
Petron will use its new $500 million in senior perpetual capital securities to refinance the previous the tender offer. The new offering carries a 4.6 percent rate a year.