Davao-based Phoenix Petroleum Corp. obtained the Securities and Exchange Commission’s approval to issue as much as P10 billion worth of commercial papers.
Phoenix will initially offer up to P7 billion CPs next year.
PNB Capital and Investment Corp. is the sole issue manager, lead underwriter and sole bookrunner.
More than half of the proceeds or about P4.9 billion will be used to import fuels and lubricants .
The money will also be used to repay short-term loans with BDO Unibank, Inc., Asia United Bank, Robinsons Bank, United Coconut Planters Bank, and Development Bank of the Philippines. These loans are due this month.
Phoenix has embarked on an aggressive acquisitions in the past years to boost its revenue stream.
