Phoenix Petroleum to sell Php1.5-B commercial papers

MANILA — Publicly-listed independent oil company Phoenix Petroleum Philippines Inc. (PPPI) will issue short term commercial paper (STCP) of up to Php1.5 billion, proceeds from the offering will be used to fund its working capital requirements.

“The additional STCPs are being issued in response to the over-subscription of the two billion STCPs issues on Oct. 24, 2014,” PPPI told the local bourse.

The company said its board approved and authorized the additional issuance of STCP up to Php1.5 million, including its registration and licensing with the Securities and Exchange Commission and listing with the Philippine Dealing & Exchange Corp. (PDEx) under the PDS Group.

The issuance shall be jointly arranged by Multinational Investment Bancorporation (MIB) and AB Capital & Investment Corp.