Philippines’ Petron to offer dollar-denominated perpetual capital notes

By Marisa Wong

Los Angeles, April 8 – Petron Corp. plans to issue dollar-denominated senior perpetual capital securities, according to a term sheet.

DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd., MUFG Securities Asia Ltd., SMBC Nikko Capital Markets Ltd., Standard Chartered Bank and UBS AG Singapore Branch are the joint lead managers and joint bookrunners for the Regulation S offering. HSBC is also global coordinator.

BDO Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. will act as domestic lead managers.

Proceeds will be used to repay debt and for general corporate purposes.

Petron is an oil company controlled by conglomerate San Miguel Corp. Both companies are based in Mandaluyong City, Philippines.

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