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MANILA, March 7 (Reuters) - Philippine oil refiner PetronCorp raised $250 million via the reopening its5.5-year perpetual subordinated bonds first sold in January, thecompany said on Thursday.
Petron, controlled by the country's most diversifiedconglomerate, San Miguel Corp, reopened the bonds at aprice of 104.25, higher than the initial guidance of 103.25.
Deutsche Bank, HSBC, Standard CharteredBank and UBS were tapped as bookrunners andlead managers.
The issue was 10 times oversubscribed. Funds bought 61percent of the bonds, 10 percent went to banks, 27 to privatebanks and 2 percent to insurance companies, Thomson Reuterspublication IFR reported.
Asian investors bought 87 percent and 13 percent went toEurope, IFR said.
The company said in a disclosure to the stock exchange itwill use proceeds from the sale for capital expenditures,specifically the second phase of its refinery upgrade programme.
