Petron Corporation, the country’s largest oil company, announced the successful listing of its P32 billion fixed-rate bonds on the Philippine Dealing and Exchange Corporation (PDEx). This issuance represents the final tranche of the company’s P50-billion shelf registration, previously approved by the Securities and Exchange Commission (SEC).
The offering, which saw strong demand from investors, was oversubscribed by nearly 1.3 times the P25 billion base offer, resulting in an additional P7 billion raised. Notably, the interest rates for Petron’s bonds were priced at the low end of the marketing range, reflecting robust market confidence in the company.
“The strong response underscores not only the success of another fundraising initiative but also the confidence investors have in our long-term vision,” said Ramon S. Ang, Petron President and CEO. “We are grateful for this trust and remain deeply committed to leading the charge when it comes to ensuring energy security and delivering quality petroleum products across the country.”
The bonds were issued in three tranches:
- 5-year bonds maturing in 2030, yielding 6.5945% per annum.
- 7-year bonds maturing in 2032, carrying an interest rate of 6.9761% per annum.
- 10-year bonds maturing in 2035, yielding 7.3896% per annum.
Petron continues to be the oil industry leader in the Philippines, operating the country’s only remaining refinery in Limay, Bataan. The company also boasts the widest network of service stations and terminals, ensuring a reliable and continuous supply of quality fuels across the nation.
The bonds were offered to the public from June 24 to June 30, 2025. Proceeds from the issuance will be utilized to redeem the company’s Series D and E bonds and to fund general corporate purposes, among other initiatives.
Petron partnered with PNB Capital and Investment Corporation as the Sole Issue Manager. Joint Lead Underwriters and Joint Bookrunners for the Offer included Bank of Commerce, BDO Capital & Investment Corporation, China Bank Capital Corporation, First Metro Investment Corporation, Land Bank of the Philippines, and Philippine Commercial Capital, Inc. BPI Capital Corporation, Development Bank of the Philippines, RCBC Capital Corporation, and Security Bank Capital Investment Corporation acted as selling agents.
