Philippine stocks: Gainers, losers, market-moving news – September 2021

The Securities and Exchange Commission on Friday, September 24, approved the application of Petron to issue P50 billion worth of fixed-rate, peso-denominated bonds.

Petron plans to issue the bonds in one or more tranches within three years.

For the first tranche, Petron will offer up to P18 billion worth of four-year Series E bonds due in 2025 and six-year Series F bonds due in 2027.

Petron expects to net P17.8 billion from the first tranche, to be used for the redemption of its Series A bonds, partial financing of its power plant project, and payment of existing debt.

The bonds comprising the first tranche will be offered at face value from September 27 to October 5, in time for their listing on the Philippine Dealing and Exchange Corporation on October 12.

The Securities and Exchange Commission on Friday, September 24, approved the initial public offering (IPO) of Manny Villar’s AllDay Marts.

AllDay aims to raise as much as P5.3 billion from offering 6.86 billion common shares. It could raise an additional P530 million from its overallotment option of up to 685.7 million shares.

The Villar-led company will use the proceeds from the IPO to pay debt, its capital expenditures, and initial working capital for its store network expansion.