Megawide Construction Corp. said it issued P1.1 billion worth of peso-denominated fixed-rate corporate notes on Friday, January 23, tapping the domestic debt market to refinance obligations and support general corporate needs.
The three-year notes carry a fixed annual interest rate of 7.0 percent and will mature in 2029. The issuance forms part of a larger board-approved program authorizing Megawide to raise up to P1.5 billion in peso-denominated fixed-rate notes.
The company said the notes have been enrolled with the Philippine Dealing & Exchange Corp. (PDEx) and are exempt from registration with the Securities and Exchange Commission, in line with regulations governing issuances to qualified buyers.
Megawide said the notes were offered, sold, and issued in the Philippines exclusively to qualified buyers, as defined under Philippine law and regulations. Proceeds from the issuance will be used primarily to refinance existing obligations, with the balance allocated for general corporate purposes.
The fundraising move comes as Megawide continues to actively manage its balance sheet amid a still-elevated interest rate environment, where locking in fixed-rate funding provides greater visibility over financing costs. The company has been tapping diversified funding sources as it pursues construction, infrastructure, and property development projects.
By partially refinancing existing debt, the issuance is expected to improve Megawide’s debt maturity profile and provide added financial flexibility, while keeping funding costs predictable over the medium term.
