Phoenix Petroleum raises P3.5B from debt issue
Businessman Dennis Uy-led Phoenix Petroleum Philippines Inc. (PPPI) has completed a P3.5 billion issuance of commercial papers to fund the continued expansion of its operations.
The sale is part of the P10 billion CP program approved by the Securities and Exchange Commission last year.
Priced at a discount rate of 7%, the debt papers are redeemable in 360 days.
PNB Capital and Investment Corp. served as lead arranger and issue manager.
Proceeds from the sale shall support the short-term funding requirements of the company for its importation and sale of petroleum products.
“The issuance of the commercial papers is instrumental in supporting the more immediate demands of our petroleum business, which has displayed consistent and significant growth over the years, and also reflects the positive financial ratings of the company. As a home-grown institution with humble beginnings, this feat is a tremendous leap that will fuel more businessmilestones,” said Phoenix Petroleum COO Henry Albert Fadullon.
Phoenix has interests in lubricants, LPG, asphalt, financial technology, and retail convenience stores. It also has trading offices in Singapore and investments in LPG retail in Vietnam.