Phoenix Petroleum Philippines said Tuesday it settled P3.083 billion in commercial paper debt on July 26 to strengthen its balance sheet and enhance its liquidity.
“The settlement of the CP is an overall reduction in our indebtedness, which improves our leverage and liquidity profile. This puts us in a firmer footing, and positions us well into the second half of the year. We are building on the progress of the past quarters as we prioritize our people’s safety, our customers’ needs, and preservation of resources,” said Phoenix Petroleum president Henry Albert Fadullon in a statement.
Phoenix said the settlement of Series D commercial papers was funded by a mix of internal funds and financing support from established institutional creditors.
“The CP program of Phoenix has always been well-supported by both the retail and institutional investors, and the company is grateful for the confidence given, and having the opportunity to offer such instruments that benefit the investors, and support our growth,” Fadullon said.