The board of Phoenix Petroleum Philippines Inc. approved the issuance of dollar-denominated perpetual bonds worth up to $300 million to refinance the working capital of the company and for other general corporate purpose.
Phoenix disclosed to the Philippine Stock Exchange on Thursday it appointed Australia New Zealand Ltd. as sole global coordinator and ING N.V. Bank and UBS AG Singapore as joint lead managers and book runners.
The dollar-denominated perpetual bond issue will be listed with the Singapore Stock Exchange.
“An offering of US$-denominated Regulation S only Senior Perpetual Capital Securities may follow, subject to market conditions. The securities, if issued, are expected to be unrated,” Phoenix said.
Shareholders of Phoenix in January approved the issuance of preferred shares of up to P5 billion to refinance short-term loans and other capital expenditures.
Phoenix also raised P7 billion through the listing of commercial papers with the Philippine Dealing and Exchange Corp. in December.
Phoenix is on an aggressive expansion mode in the past few years, venturing into liquefied petroleum gas, bitumen, convenience store retailing business and most recently, liquefied natural gas.
Phoenix also announced it ventured into car care and maintenance services through wholly-owned subsidiary Autowork Plus.
Autoworx Plus opened its first branch at the Phoenix gas station along West Service Road in Muntinlupa City on February 28, 2019.
“It is our first venture in car detailing but it offers more car care and maintenance services. We are planning to put up 25 to 30 Autowork this year, onsite and offsite,” said Phoenix senior vice president for external affairs Raymond Zorrilla.
The car-servicing shop plans to serve motorists as a one-stop automotive facility equipped to handle a whole range of car care needs.
With dedicated service technicians trained and educated in reputable technical schools, Autoworx Plus offers light to medium car repairs and maintenance, such as oil change, engine tune-up, brake servicing, clutch and transmission servicing and under-chassis repair.