Phoenix Petroleum, BDO sign P500-million convertible notes
Leading independent Phoenix Petroleum Philippines, Inc. and the country’s largest bank BDO Unibank, Inc. have signed a Php500-million SEC registration-exempt Convertible Corporate Note with Warrant Offering amounting to Php180 million. The signing was held on July 11, 2012 at the Anvil, BDO Corporate Center in Makati.
“We are proud to partner with BDO, which has always supported us,” said Phoenix Petroleum President and CEO Dennis Uy. “The issuance is part of our plan to raise long-term capital, finance capital expenditures for 2012, and refinance short term debt.”
“We continue to see a vast potential in Phoenix Petroleum given its strong fundamentals and good business sense,” said BDO Senior Executive Vice President Walter Wassmer. “BDO supports worthy endeavors, especially those that would yield growth for the economy as a whole.”
BDO Capital was sole arranger for the convertible debt with warrants issue. Acting as financial adviser for Phoenix Petroleum was Evercore Partners, a leading investment bank.
The warrants will be subject to the approval of Phoenix Petroleum stockholders during the Special Stockholders’ Meeting on September 6.
BDO is a full-service universal bank that provides a complete array of industry-leading products and services to the retail and corporate markets. It is the country’s largest bank in terms of total assets, customer loans, total deposits and assets under management as of end December 2011.
Phoenix Petroleum Philippines is the leading independent oil company with an expanding network of operations nationwide. It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, and allied services. It was recently named one of the best managed small-cap companies in the Philippines in a poll by FinanceAsia magazine.