Phoenix Petroleum Philippines Inc. said it will re-issue P1.121 billion worth of short-term commercial papers on Thursday to fund short-term loans and other working capital requirements.
Phoenix said in a disclosure to the stock exchange the re-issued SCTP would have a maturity of 180 days or until Dec. 13, 2017 and would have an interest rate of 3.25 percent.
The company informed the stock exchange that its P1.121-billion SCTP previously issued already matured on July 12, 2016.
“It will fund day to day working capital and augment existing short-term bank lines,” Phoenix vice president for external affairs Raymond Zorrilla said when asked for comment.
The company earlier bared plans to spend P10 billion over the next three years for expansion, including possible acquisitions, to ramp up its aggressive growth plans.
Phoenix allocated P2 billion for capital expenditures this year as it continues to increase its retail network, storage and logistic capacities.
Phoenix is engaged in the nationwide trading and marketing of refined petroleum products and lubricants, operation of oil depots and storage facilities, hauling and into-plane services.
It has over 500 retail stations across the country, selling high-quality fuel and lubricant products.
The company announced this week that it would donate P25 million worth of fuels, lubricants and technical services for M/V Amazing Grace, the country’s first and biggest humanitarian vessel, in support of safety and disaster relief.
M/V Amazing Grace will serve as a hospital ship, relief supply transport ship, sea rescue vessel, mobile command center, cargo transport for trucks and ambulances and mass evacuation ship.