On the offers, dividend rate for Series 4D (PRF4D) had been placed at 6.8364% per annum; while Series 4E (PRF4E) shares had been at 7.1032% p.a.; with Petron adding that these were priced at “the low end of the marketing range.”
Petron raises P16.8-billion in preferred share offering
Sep 23, 2024 07:39 AM
At a glance
Leading oil firm Petron Corporation has successfully raised P16.83 billion from its preferred shares offering, which was rated to have been 1.3 times oversubscribed versus initial target.
“The proceeds from the offer will be used to redeem the company’s Series 3A Preferred Shares and fund general corporate purposes,” Petron noted.
The company indicated that it was able to fetch additional P3.83 billion from its original base offer of P13 billion; and that had been attributed to “strong demand” of the shares that had been placed on tender.
Petron President and CEO Ramon S. Ang highlighted that the company “remains a viable investment option” – primarily for those that have been exploring opportunities in capital markets.
With solid interest shown by investors, he assured the company’s commitment “to making sure that we continue to grow and succeed, while being a partner in nation-building.”
For that recent capital raising activity, BDO Capital & Investment Corp. had been tapped as sole issue manager, while joint lead underwriters and bookrunners have been Bank of Commerce, China Bank Capital Corporation, Philippine Commercial Capital, Inc., PNB Capital and Investment Corporation, and SB Capital Investment Corporation.
The selling agents for the preferred shares offering have been East West Banking Corporation, First Metro Investment Corporation, RCBC Capital Corporation; and they also acted as trading participants.
The preferred shares have been listed with the Philippine Stock Exchange (PSE) on Monday (September 23), according to the oil company; following a successful offer to the investing public from September 5 to 13.
As emphasized, dividend rate for Series 4D (PRF4D) had been placed at 6.8364 percent per annum; while Series 4E (PRF4E) shares had been at 7.1032% p.a.; with Petron adding that these were priced at “the low end of the marketing range.”
That batch of the company’s stock offering has been part of the 50 million shelf-registered peso-denominated preferred shares that it lodged with the Securities and Exchange Commission.