Power

Phoenix Petroleum plans P7B commercial paper issuance

Business magnate Dennis Uy’s Phoenix Petroleum Philippines Inc. has approved the sale and listing of P7 billion in commercial papers.

A registration statement wil be filed with the Securities and Exchange Commission.

The commercial papers to be offered shall have a tenor of up to 360 days from the listing date or a maturity date of July 24 2021.

Phoenix has tapped PNB Capital as the arranger. Assuming a discount rate of 5% and the offer is fully subscribed, the net proceeds of the offer are expected to amount to P3.28 billion.

Net proceeds from the offer will be used to finance working capital requirements in relation to the regular importation of fuels and lubricants by the company.

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