Phoenix prepares P10B debt offering
Phoenix Petroleum Corp.is tapping the debt market to fund capital requirements and repay short-term debt.
In a stock exchange filing, Phoenix said its board approved the issuance of P10 billion in commercial papers.
The oil firrm.will initially issue P7 billion CPs.
PNB Capital and Investment Corp. is the sole issue manager, lead underwriter and sole bookrunner for the initial series.
Phoenix Petroleum said almost P5 billion will be uaed to import fuels and lubricants while the balance of the proceeds will be used to repay short-term loans due in December.