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Manila's Petron raises $211 mln from notes issue

Fri May 29, 2009 3:43am EDT

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MANILA, May 29 (Reuters) - Top Philippine refiner Petron Corp (PCOR.PS) said on Friday it raised 10 billion pesos ($211 million) from the issue of five- and seven-year fixed-rate notes to fund expansion projects.

Petron said the issue size was increased from the initial 3 billion pesos due to strong demand and that the company will no longer pursue a previous plan to sell retail bonds.

The company said the five-year notes were priced at 8.139 percent and the seven-year maturity at 9.329 percent, 200 basis points above their comparable government securities. (Reporting by Manolo Serapio Jr.)



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