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​ PETRON Corp. has greenlit the issuance of dollar-denominated senior capital securities in $200,000 denominations, the proceeds of which will be used for the company’s debt payments and general corporate purposes, the listed oil company said on Thursday. Petron told the local bourse that its board of directors had authorized the company to issue the perpetual capital securities “under terms and conditions as the management may determine.” According to a preliminary offering circular, Petron said that “the securities will be issued in registered form in denominations of $200,000 and integral multiples of $1,000 in excess thereof.” The firm did not give further details on the initial rate of distribution or the issue price. It mentioned, however, that the expected closing date is 2021, and that the increase in the rate of distribution is 2.5% per annum.

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