Megawide Construction Corp. has completed a P5.0 billion fixed-rate bonds issuance at the Philippine Dealing and Exchange Corp.
The issuance, which included a P1.0 billion oversubscription option, attracted a total P6.4 billion in demand during the public offer from 28 June to 04 July.
The bonds are dividend into three tranches, which all carry a 7.86 percent coupon. The three-year series C raised P3.1 billion, the 5-year series D raised P1.1 billion while the 7-year series E raised P819.2 million.
RCBC Capital Corp., SB Capital Investment Corp., and PNB Capital and Investment Corp. acted a joint issue managers, joint lead underwriters, and bookrunners.Edgar Saavedra, chairman and chief executive officer of Megawide, thanked underwriters and investors for the strong support for the bond offer that would allow it to better manage its financial position and fund infrastructure projects across the country to drive future earnings growth.
Megawide reported a strong financial performance for the first quarter of the year, with revenues increasing by 19 percent to P5.2 billion and a net income of P183 million on the back of the recovery in the land port sector, contributions from real estate venture and the growth in construction.
The listed company plans to pursue various projects such as a transit-centric development in Baguio City and a Bus Rapid Transit System in Cavite, further enhancing its portfolio in land-based transport-related infrastructure.
