Petron Corp. said Monday it has received $37.48 million in tender offer of $50-million senior perpetual capital securities listed in Singapore.
In a disclosure, Petron said that out of the $37.48 million, it is “accepting for purchase $22.47 million in aggregate principal amount of securities at a purchase price of $927 per $1,000 in principal amount of securities” under the Modified Dutch Auction Procedure.
The date of payment for the offers is set on January 19.
Under the Modified Dutch Auction Procedure, the offeror will determine, in its sole discretion, following expiration of the tender offer, the purchase price for the securities.
Petron has tapped Mizuho Securities Asia Limited as the dealer manager. It also engaged Morrow Sodali Limited as the information and tender agent for the tender offer.
The oil firm earlier said the tender offer is meant to optimize the cost of capital and capital structure. It also provides liquidity to investors at a premium to market price.
Petron is the country’s remaining oil refiner that provides nearly 40 percent of the country’s petroleum requirements. It has put up over 2,000 service stations nationwide.
It booked a net income of P8.2 billion in January to September 2022, 64 percent higher than the P4.99 billion recorded in the same period a year earlier.