Petron Corporation in Philippine Peso 20 Billion Debt Offering
November 10, 2010
Cleary Gottlieb represented Petron Corporation in its Reg S offering of 7% PHP-Denominated Notes due 2017 in an aggregate principal amount of Philippine peso 20 billion (approximately US$470 million). The offering closed on November 10 and the notes were listed on the Singapore Exchange Securities Trading Limited. Although denominated in Philippine pesos, all payments of principal and interest are made in US dollars, with the amount determined using peso-dollar exchange rates calculated in respect of the relevant payment date. The transaction represents the first time a Philippine corporation has issued global debt denominated in Philippine pesos.