PETRON Corp. will be filing a registration statement with the Securities and Exchange Commission (SEC) for the shelf registration of up to P50-billion fixed-rate bonds, the oil company told the stock exchange on Monday.

Petron said the bonds will be offered to the public in tranches, with the first offering and issuance worth up to P18 billion.

It will file for the registration statement, prospectus, and offer supplement with the SEC, as well as a listing application with the Philippine Dealing & Exchange Corp.

The executive committee of its board of directors gave the company a go signal in a meeting held on Monday.

The committee also greenlighted the assignment of BDO Capital & Investment Corp. as the sole issue manager.

It also approved of the appointment of BDO Capital, China Bank Capital Corp., Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., and SB Capital Investment Corp. as joint lead bookrunners and joint lead underwriters, as well as other banks that may be invited for the issuance of the first tranche of the bonds.

On Monday, shares of Petron at the stock exchange went up by 7.78% or 26 centavos to close at P3.60 each. 

SOURCE: BusinessWorld