Petron Oil & Gas International Bhd., a unit of San Miguel Corp. (SMC)’s Petron Corp. (PCOR), completed 2.57 billion ringgit ($847 million) of loans, according to two people familiar with the matter.
Proceeds will be used to help pay for oil assets in Malaysia and the loans included a 770 million ringgit two-year acquisition bridge loan and a 1.8 billion ringgit five-year working capital facility, the people said, asking not to be identified because the details are private.
Petron spokesman Raffy Ledesma wasn’t immediately able to respond to an e-mail seeking comment on the financing.
San Miguel, through Petron Corp., agreed to acquire Exxon Mobil Corp.’s 65 percent stake in Esso Malaysia Bhd. in August for about $610 million, its first acquisition of overseas oil assets. The Philippine’s largest food and drinks company by market value said in an Aug. 17 filing it will acquire Exxon’s entire 65 percent stake in Esso Malaysia for about $206 million. It will also purchase all of unlisted ExxonMobil Malaysia Sdn. and Exxon Mobil Borneo Sdn. for a combined $403 million.
Malayan Banking Bhd., Standard Chartered Plc and United Overseas Bank Ltd. were hired to arrange the facility and were joined in limited syndication by CIMB Group Holdings Bhd. and Bank of Tokyo-Mitsubishi UFJ Ltd., one of the people said today. The facilities will not be marketed more widely to any other banks in further syndication, the person said.
To contact the reporter on this story: Katrina Nicholas in Singapore at email@example.com
To contact the editor responsible for this story: Shelley Smith at firstname.lastname@example.org