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Philippines
Thursday, March 28, 2024

Phoenix bares P10B commercial paper sale

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Philippine Rating Services Corp. (PhilRatings) assigned a credit rating of PRS Aa minus (corp.) with a stable outlook on the outstanding three-year, ₱10-billion commercial paper program of Phoenix Petroleum Philippines Inc.

Phoenix said a disclosure to the Philippine Stock Exchange Tuesday it may issue CP until 2021 to finance the company’s working capital requirements.

Phoenix plans to issue short-term commercial paper totaling P3.5 billion on July 29.

The company proposes to offer Series D commercial papers with an aggregate principal amount of up to P2  billion and an over-subscription option of up to P1.5 billion.

“In relation thereto, please be advised that the CP Series D shall be issued at a discount to face value of 5 percent per annum,” the company said.

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It said the Series D commercial papers would have a tenor of 360 days from the issue date (tentatively scheduled on July 29). 

The company engaged PNB Capital as the arranger of the CP sale.

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