MANILA – Phoenix Petroleum Philippines Inc. and a group of institutional lendersrecently signed a P2.5-billion 5-year corporate note to expand the oil firm's retail station network and refinance short term credit.

The institutional lenders are China Banking Corp., Chinabank Savings Inc., China Banking Corp. Trust Group, BDO Private Bank Inc., and Wealth Advisory and Trust Group as trustees; Philippine Business Bank, PentaCapital Investment Corp., Robinsons Banking Corp., Pioneer Life Inc. and the BSP Provident Fund.

PentaCapital Investment Corp. served as Issue Manager while China Banking Corp. and PentaCapital Investment Corp. were Joint Lead Arrangers for the issue.

"We are proud to partner with PentaCapital and China Bank in this notes offering, which is Phoenix Petroleum's biggest to date," Phoenix Petroleum president and chief executive Dennis Uy, said.

PentaCapital executive vice president, chief finance officer and treasurer Jose Ma de Leon, meanwhile, said that they commit to careful stewardship and accountability of our resources as we chart the future of the downstream oil industry.

The P2.5-billion corporate note facility we arranged for Phoenix would help them change the landscape of the local oil industry.

The continued confidence of the institutional investors in Phoenix Petroleum is evidenced by the very positive response to this offering, China Bank Investment Banking Group first vice president Virgilio Chua, said.

Phoenix Petroleum recently received an "Aa" minus credit rating from the Philippine Rating Services Corp.

The firm has a total nationwide network of 278 retails stations.*PNA

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