"We are proud to partner with the BDO Group, which has always supported us,” said Phoenix Petroleum President and CEO Dennis Uy. "The issuance is part of our plan to raise long-term capital, to finance capital expenditures for 2012 and refinance short term debt.”
"We continue to see a vast potential in Phoenix Petroleum given its strong fundamentals and good business sense," said BDO Senior Executive Vice President Walter Wassmer. "BDO supports worthy endeavours, especially those that would yield growth for the economy as a whole."
BDO Capital was sole arranger for the convertible debt with warrants issue.
The warrants will be subject to the approval of Phoenix Petroleum stockholders during the Special Stockholders’ Meeting on September 6.
BDO is a full-service universal bank that provides a complete array of industry-leading products and services to the retail and corporate markets.
It is the country’s largest bank in terms of total assets, customer loans, total deposits and assets under management as of end December 2011.
Phoenix Petroleum Philippines is the leading independent oil company with an expanding network of operations nationwide. It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, and allied services. It was recently named one of the best managed small-cap companies in the Philippines in a poll by Finance Asia magazine.
- https://www.affordablecebu.com/
