Petron to refinance securities

Petron Corp. is seeking approval of holders to refinance $750 million in undated subordinated capital securities issued in 2013.

Petron disclosed to the Philippine Stock Exchange on Wednesday it planned to amend the features of the securities listed in The Stock Exchange of Hong Kong Ltd. 

“The company intends to issue new undated capital securities to repurchase, refinance and/or redeem the 2013 securities and is seeking the proposed amendments by way of the consent solicitation to confirm its ability to issue the new securities,” Petron said.

The country’s biggest oil company said  the new securities were expected to be senior to the 2013 bonds until the latter is “repurchased, refinanced and/or redeemed.”

Petron issued the undated subordinated capital securities in two tranches at $500 million and $250 million, respectively, in 2013.

Petron, controlled by San Miguel Corp., owns a 180,000-barrel-per-day refinery in Bataan.

The company is also pursuing the expansion of its Bataan refinery and looking at leasing land at the industrial park of PNOC Alternative Fuels Corp. in Limay, Bataan.

The company offered to lease the property from state-run Philippine National Oil Co., which now operates the industrial park.

Topics: Petron Corp. , capital securities , Philippine Stock Exchange , The Stock Exchange of Hong Kong Ltd.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.