Phoenix Petroleum completes P750-M notes facility
Posted at 08/18/2011 1:21 PM | Updated as of 08/18/2011 5:05 PM
MANILA, Philippines - Independent petroleum player Phoenix Petroleum Philippines Inc. on Thursday said it has sealed a P750-million notes facility to fund its capital expenditures and other needs.
In a disclosure to the Philippine Stock Exchange, Phoenix corporate secretary Socorro Ermac Cabreros said the board of directors approved the notes facility agreement with BDO Capital and Investment Corp. as the lead arranger.
Phoenix now operates 178 stations as of end-March, from 161 stations at the end of 2010. Around 135 stations are located in Mindanao, six in Visayas, and 37 in Luzon.
"Based on its first quarter performance, the company is confident of hitting its target of additional 80 stations for the year," the company said, earlier.
Phoenix is engaged in the trading of refined petroleum products and lubricants, operation of oil depots and storage facilities, and allied services.