Phoenix lists P3B in short-term commercial paper

Phoenix Petroleum Philippines Inc. has listed with the Philippine Dealing and Exchange Corp. P3 billion worth of short-term commercial paper, representing the third tranche of a P10-billion program.

The Davao City-based company said proceeds from the listing would be used to finance working capital requirements for its importation and sale of petroleum products.

“More than a fundraising activity, for us, [this] program is a simple, ingenious approach in meeting working capital requirements in an efficient, cost-effective way,” Phoenix Petroleum chief finance officer Ma. Concepcion de Claro said in a statement.

This latest batch is the third series of Phoenix’s three-year program registered with the Securities and Exchange Commission. PNB Capital and Investment Corp. serves as the sole issue manager, lead underwriter and bookrunner.

The oil firm issued and listed the first of the series in December 2018 amounting to P7 billion, followed in August by the second, which was worth P3.5 billion. As of last September, Phoenix has 650 fuel stations across the nation and has embarked on further expansion in southern Metro Manila with four newly opened stations in the cities of Muntinlupa and Las Piñas.

These include stations at Filinvest-Northgate, Madrigal Avenue and West Service Road in Muntinlupa, and Alabang West in Las Piñas.The four new stations are equipped with a total of 30 pumps and feature nonfuel offerings such as convenience stores, restaurants and car care services.