Phoenix Petroleum Philippines Inc. has secured approval from the Securities and Exchange Commission (SEC) for the issuance of P2 billion worth of short-term commercial papers (STCP) to raise capital for its expansion projects.
In a disclosure to the Philippine Stock Exchange (PSE), Phoenix Petroleum said that it will offer the STCPs “in one or more tranches at an offer price of 100 percent face value.”
The P2 billion notes will also be listed in the Philippine Dealing and Exchange Corp.
The company has appointed the Multinational Investment Bancorporation and AB Capital Investment Corp. as joint issue managers and underwriters for the P2 billion STCPs.
Phoenix Petroleum plans to open 500 new service outlets in the next five years. As of end-December last year, the company has opened 68 stations. Currently, it has a total of 368 operating service stations including 112 stations in Luzon, 47 in Visayas, and 209 in Mindanao.
The company said 70 service stations are under construction.