Megawide Construction Corp. said Wednesday it secured regulatory approval to offer up to P5 billion worth of fixed-rate bonds, including P1 billion to cover excess demand.
The Securities and Exchange Commission, Megawide said, approved the issuance of three-year Series C bonds with an interest rate of 7.6348 percent, five-year Series D bonds at a rate of 8.0580 percent and Series E bonds that mature in seven years and carry an interest rate of 8.4758 percent.
The offer period will run from 28 June to 4 July.
Megawide plans to list these bonds on the Philippine Dealing Exchange by 11 July.
Proceeds from the bond sale will primarily be utilized for several purposes, including refinancing existing debt obligations, pursuing business development opportunities, and fulfilling general corporate requirements.
The Philippine Rating Services Corp. has assigned an issue credit rating of PRS Aa with a stable outlook to the bonds, reflecting confidence in Megawide’s creditworthiness and the stability of the bonds.
This issuance marks a strategic move by Megawide to optimize its financial structure, support growth initiatives, and enhance its overall corporate sustainability.
