Phoenix Petroleum Philippines Inc. announced on Thursday that it had postponed listing its P3.5-billion commercial papers this month. In a disclosure, the listed independent oil company said the listing of Series D of its P10-billion commercial paper program would be rescheduled because of the delay in the completion of the registration and listing requirements. This was recommended by PNB Capital and Investment Corp., the planned transaction’s sole issue manager, lead arranger and bookrunner. Phoenix Petroleum earlier announced that the issuance of its fourth tranche of commercial papers involved an aggregate principal amount of up to P2 billion, with an oversubscription option of up to P1.5 billion. These have a fixed discount rate of 5 percent annually and a tenor of 360 days. In a text message, Raymond Zorilla, Phoenix Petroleum vice president for external affairs, business development and security, said the program was one of the financing options considered by the company. Phoenix Petroleum shares ended flat at P11.40 each on Thursday.
