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Manila Bulletin devider Business devider Petron receives $37.48 M in tender offer of securities

Petron receives $37.48 M in tender offer of securities

Published Jan 16, 2023 02:45 pm

Petron receives $37.48 M in tender offer of securities

By BERNIE CAHILES-MAGKILAT

Leading oil firm Petron Corporation announced that it received $37.48 million worth of securities as of January 12 deadline on its tender offer of $50 million worth of senior perpetual capital securities.

In a disclosure to the Philippine Stock Exchange (PSE), Petron noted that out of the offers received, it will be “accepting for purchase $22,470,000 in aggregate principal amount of securities” – as validly tendered and received by its information and tender agent.

The designated dealer manager for the tender offer was Mizuho Securities Asia Limited; while the information and tender agent has been Morrow Sodali Limited.

As emphasized by the oil firm, “the payment date for the settlement of the tender offer is expected to be on January 19, 2023.” The tender offer has been listed with the Singapore Exchange Securities Trading Limited (SGX-ST).

The tender offer covers part of the $500 million US dollar-denominated debt facility that was issued by the oil company on January 19, 2018.

Petron said the purchase price of the offers received will be $927 per $1,000 in principal amount of securities – and that was determined based on a modified Dutch auction procedure.

The oil firm stressed “no scaling factor has been applied to the securities validly tendered pursuant to the tender offer and no competitive offers specifying an offer price that is higher than the purchase price shall be accepted.”

It similarly specified that “each security holder that validly tendered their securities at or prior to the expiration deadline ... if the offeror accepts the tender of such securities, will be paid with the purchase price, adding that such will have “no accrued and unpaid distribution to be payable via the tender offer.”

Upon the completion of the offered securities in the tender offer, Petron indicated that the remaining principal amount outstanding will be $477,530,000.

Additionally, Petron stated that “pursuant to the terms and conditions of the securities, in respect of the distribution payment date scheduled for January 19, 2023, distributions for the full semi-annual period will be paid to persons in whose name the securities are registered as of the record date -- regardless of whether or not such persons tendered their securities pursuant to the tender offer.”

Related Tags

#PETRON #TENDEROFFER #SECURITIES #PSE #SGXST #MIZUHOSECURITIES #MORROWSODALI
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