Petron raises Php20 billion in bond offering

Petron Corp. has successfully raised Php20 billion (US$466.2 million) from an international offering of peso-denominated seven-year bonds which will finance the expansion of its facilities in Bataan. In a disclosure to the Philippine Stock Exchange, the firm said the bonds, which will be settled in U.S. dollars, will carry an interest rate of 7% per annum. These bonds will be issued on November 10, 2010 and will mature on November 10, 2017. Petron President Eric Recto said Petron will initially focus on expanding its petrochemical capabilities at a cost of US$1.2 billion. (November 5, 2010)