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Friday, March 29, 2024

Petron tender offer gets $401m

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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.

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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. 

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