Petron redeems nearly $478-M debt securities
PETRON Corp. has fully redeemed the $477.53 million in senior perpetual capital securities it issued in 2018, the oil company said on Thursday.
In a regulatory filing, it said that after the redemption, the distribution of the securities will cease to accrue as of the step-up date and the redeemed securities will be canceled and delisted from the Singapore Exchange Securities Trading Ltd.
The company said the redemption was partially funded by using its entire net proceeds from the 2023 offering and issuance of its Series 4 preferred shares.
In a separate regulatory filing, Petron said it issued about P14 billion worth of Series 4 preferred shares this year, with the net proceeds at P13.88 billion.
In the first quarter, Petron registered a net income of P3.4 billion, down by 5.6% from P3.6 billion in the same period last year.
The decline comes despite the company recording a 9.6% growth in consolidated revenues to P188.8 billion, from P172.3 billion a year earlier, due to sustained fuel demand.
Petron is the operator of the only remaining refinery in the country that provides 40% of local petroleum requirements. Its refinery in Bataan produces 180,000 barrels per day.
It also has about 50 terminals and around 2,700 service stations where it sells gasoline and diesel. Its combined refining capacity is 268,000 barrels a day, producing fuels and petrochemicals.
At the local bourse on Thursday, shares in the company fell by one centavo or 0.27% to end at P3.75 apiece. — Ashley Erika O. Jose
