MANILA, March 7 (Reuters) - Philippine oil refiner Petron Corp raised $250 million via the reopening its 5.5-year perpetual subordinated bonds first sold in January, the company said on Thursday.
Petron, controlled by the country's most diversified conglomerate, San Miguel Corp, reopened the bonds at a price of 104.25, higher than the initial guidance of 103.25.
Deutsche Bank, HSBC, Standard Chartered Bank and UBS were tapped as bookrunners and lead managers.
The issue was 10 times oversubscribed. Funds bought 61 percent of the bonds, 10 percent went to banks, 27 to private banks and 2 percent to insurance companies, Thomson Reuters publication IFR reported.
Asian investors bought 87 percent and 13 percent went to Europe, IFR said.
The company said in a disclosure to the stock exchange it will use proceeds from the sale for capital expenditures, specifically the second phase of its refinery upgrade programme.