Top Philippine refiner Petron Corp. said on Friday it raised P10 billion ($211 million) from the issue of five- and seven-year fixed-rate notes to fund expansion projects.

Petron said the issue size was increased from the initial P3 billion due to strong demand and that the company will no longer pursue a previous plan to sell retail bonds.

The company said the five-year notes were priced at 8.139 percent and the seven-year maturity at 9.329 percent, 200 basis points above their comparable government securities.