Phoenix Petroleum Philippines has approved the registration of short-term commercial paper (STCP) worth P3.5 billion, according to a disclosure from the Philippine Stock Exchange (PSE) Monday.
The company said its Board of Directors had approved the “registration of existing STCP issued by the Company on October 13, 2014 for P2 billion and February 23 for P1.5 billion with the Securities and Exchange Commission (SEC) which will expire on October 13, 2015.”
Phoenix said it has appointed Multinational Investment Bancorp. and AB Cap & Investment Corp. as joint managers, bookrunners, lead underwriters and arranger.
The company added it will issue perpetual preferred shares of up to 20,000 at P100 per share through a public offering.
Phoenix Petroleum is engaged in the business trading of refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping – including logistics – and allied services.