Published December 15, 2020, 6:30 AM
The board of directors of Phoenix Petroleum Philippines Inc. has approved the settlement of the P3.0 billion commercial papers that the firm issued on December 5 last year.
The Uy-led company apprised the Philippine Stock Exchange (PSE) that the CP issuance had a tenor of 360 days, hence, its maturity will be in December this year.
It must be noted that Phoenix Petroleum had undertaken several CP issuances last year, as part of the two-series P10 billion worth of commercial papers program that the company had registered with the Securities and Exchange Commission (SEC) in 2018.
Commercial paper is a form of unsecured, short-term debt facility that may be issued by a corporation for its funding needs or debt repayments. It is often offered at a discount from face value and issued on prevailing market interest rates.