Petron Corporation in $250 Million Perpetual Bond Reopening

March 11, 2013

Cleary Gottlieb represented Petron Corporation in its Regulation S offering of Undated Subordinated Capital Securities in an aggregate principal amount of $250 million. The offering was a reopening of an initial $500 million offering of the securities issued on February 6, 2013 and the securities were listed on the Hong Kong Stock Exchange. The deal closed on March 11, 2013.

Petron, a subsidiary of San Miguel Corporation, is the largest integrated oil refining and marketing company in the Philippines.

Originally founded in 1890 as a single brewery, San Miguel has recently diversified beyond its leading beverage, food and packaging business to include market-leading businesses and investments in the Philippines’ fuel and oil, power, airline, infrastructure, telecommunications, banking and mining industries.