Petron seeks to raise P40-B by bonds issue

OIL refiner and retailer Petron Corp. is planning to raise P40 billion in new capital through bond issues for refinancing existing indebtedness and to fund working capital requirements.

The company has filed an application on Monday seeking the approval of the Securities and Exchange Commission (SEC) to raise the money over a three-year period through the issuance of bonds under the SEC’s shelf registration program.