Phoenix Petroleum Philippines Inc. filed a notice of offering for the third tranche of its commercial paper program amounting to P3 billion tentatively scheduled on December 11.
“Please be advised that the corporation intends to offer to the public in the Philippines the third series of the commercial paper program with an aggregate principal amount of P3 billion,” Phoenix disclosed to the Philippine Stock Exchange on Monday.
It said the commercial paper Series C would have a tenor of 360 days from the tentative issue date.
The company engaged PNB Capital as underwriter/arranger of the offering.
Phoenix expects to raise net proceeds of P2.817 billion from the offering, which it intends to use to refinance short-term loans that financed working capital requirements in relation to the regular importation of fuels and lubricants.