Petron Corp’s US$1 bln upgrade plans to be part funded by bonds and preferred shares

Petron Corp., largest oil refiner in the Philippines, plans to spend US$1 bln to upgrade its facilities for additional facilities to enable the full conversion of residual products to more valuable gasoline, diesel, LPG and propylene. The company plans to issue bonds worth 10 bln pesos (US$210 mln) in two tranches, with the first half likely in May or June; and also issue of preferred shares to the tune of 15 bln pesos. The second phase of an expansion plan is being undertaken for its petrochemical venture.
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