P-H-O-E-N-I-X Petroleum Philippines, Inc. Reports Soliciting Consents of Registered Noteholders of PHP 1.375 Billion Fixed-Rate Notes for the Adoption of Certain Amendments to the Trust Agreement
July 03, 2019 at 03:50 am EDT
Share
P-H-O-E-N-I-X Petroleum Philippines, Inc. reported that it is soliciting consents (the "Consent Solicitation") of the registered noteholders (the "Registered Noteholders) of its PHP 1.375 billion Fixed-Rate Notes (the "Notes") for the adoption of certain amendments (the "Proposed Amendment") to the Trust Agreement dated 16 March 2018, between the Company and China Banking Corporation Trust and Asset Management Group, as trustee (the "Trustee") and the Terms and Conditions under which the Notes were issued. The Proposed Amendment seeks to provide the Company with the flexibility to pursue and capture growth opportunities that will further strengthen its position as the country's leading independent oil company. With the ongoing expansion of its core operations via roll-out of retail stations nationwide, coupled with the rapid growth prospects of the Company's subsidiaries, namely PNX Petroleum Singapore Pte Ltd. and Phoenix LPG Philippines, Inc., the Proposed Amendment will allow the Company to strongly support its desired growth trajectory through the aforementioned initiatives. The Company intends to start the Consent Solicitation period on 8 July 2019 and end the same on 19 July 2019 (the "Expiration Date"), subject to further determination and adjustment. The Company reserves the right to amend the terms and conditions of the Consent Solicitation at any time prior to the Expiration Date for any reason, including, but not limited to, extending and/or terminating the Consent Solicitation when Requisite Consents have been obtained.
P-H-O-E-N-I-X Petroleum Philippines, Inc. is primarily engaged in marketing and distribution of petroleum products to retail and commercial and industrial customers, as well as operating oil depots, storage facilities, and other allied services. The Company's segments include Trading, Depot and Logistics Services, and Real Estate. The Trading segment is engaged in marketing, merchandising, purchasing, selling, dealing, acquiring, disposing and distributing goods and wares, such as petroleum products (on a wholesale basis), adhesives, glues, bonding agents, epoxy resins and lubricants, among others. The Depot and Logistics Services segment is engaged in operating oil depots and storage facilities and providing logistics services. The Real Estate segment is involved in real estate development, management and operations. The Companyâs products include fuels, lubricants, liquified petroleum gas (LPG), asphalt and PNX lubricants.
P-H-O-E-N-I-X Petroleum Philippines, Inc. Reports Soliciting Consents of Registered Noteholders of PHP 1.375 Billion Fixed-Rate Notes for the Adoption of Certain Amendments to the Trust Agreement