Philippine Rating Services Corp. (PhilRatings) assigned a credit rating of PRS Aa minus (corp.) with a stable outlook on the outstanding three-year, ₱10-billion commercial paper program of Phoenix Petroleum Philippines Inc.
Phoenix said a disclosure to the Philippine Stock Exchange Tuesday it may issue CP until 2021 to finance the company’s working capital requirements.
Phoenix plans to issue short-term commercial paper totaling P3.5 billion on July 29.
The company proposes to offer Series D commercial papers with an aggregate principal amount of up to P2 billion and an over-subscription option of up to P1.5 billion.
“In relation thereto, please be advised that the CP Series D shall be issued at a discount to face value of 5 percent per annum,” the company said.
It said the Series D commercial papers would have a tenor of 360 days from the issue date (tentatively scheduled on July 29).
The company engaged PNB Capital as the arranger of the CP sale.
