MANILA, PHILIPPINES – Phoenix Petroleum Philippines, Inc. (PNX), the country’s leading independent oil company, has announced that the SEC has approved the additional issuance and public offering of its short-term commercial papers (STCPs) of One Billion Five Hundred Million Pesos (P1,500,000,000.00). The new STCP offering came in response to the oversubscription of the first issue amounting to P2.0B on October 24, 2014.
The STCPs will be offered by PNX to investors through its underwriters, AB Capital & Investment Corporation (ABCapital) and Multinational Investment Bancorporation (MIB). PNX intends to use the proceeds from the offer for working capital purposes.
On December 5, 2014, the Philippine Rating Services Corporation (PhilRatings) assigned an Issue Credit Rating of PRS 2 (minus) to PNX’s proposed STCP issue. PhilRatings took into consideration the following factors: “Phoenix Petroleum Philippines, Inc.’s consistently improving revenue base and adequate liquidity and financial flexibility; its aggressive network expansion resulting in market leadership vis-à-vis other independent players in the oil sector and its competent experienced management team.” Obligations rated PRS 2 exhibit above average (strong) capability for payment of both interest and principal.
Phoenix Petroleum Philippines, Inc. is the country’s fourth largest and fastest growing oil company with a total of 418 stations as of December 31, 2014. It is engaged in the business of trading refined petroleum products and lubricants on a wholesale basis, operation of oil depots and storage facilities, and allied services nationwide. Its products and services are distributed and marketed under the “Phoenix Fuels Life” trademark.