MANILA, Oct. 22 (PNA) — Phoenix Petroleum Philippines, Inc. (PNX), the first independent oil company to list shares in the stock exchange, has sold Php2 billion worth of short-term commercial papers (STCPs).
“The STCP offering was over-subscribed by almost two times,” the company told the local bourse.
The debt paper of PNX, the first oil company to issue STCPs, has been approved by the Insurance Commission as surplus investment.
PNX intends to use the proceeds from the offer for working capital purposes.
The Philippine Rating Services Corp. (PhilRatings) earlier assigned an Issue Credit Rating of PRS 2 (minus) to PNX’s proposed STCP issue taking into account its aggressive network expansion resulting in market leadership vis-à-vis other independent players in the oil sector, among others.
PNX offered the STCPs to investors through its underwriters, AB Capital & Investment Corp. (ABCapital) and Multinational Investment Bancorporation (MIB), from Oct. 14 to 17 and will be issued on Oct. 24.
PNX’s STCP issuance will be listed at the Philippine Dealing & Exchange Corporation (PDEx). (PNA)