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Saturday, July 13, 2024

Megawide secures SEC nod for P5-billion bond sale

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The Securities and Exchange Commission (SEC) said Wednesday it approved the P5-billion bond offering of construction and engineering firm Megawide Construction Corp.

It said it rendered effective the registration statement of Megawide involving the issuance of up to P4 billion of fixed-rate bonds, with an oversubscription option for another P1 billion, subject to the company’s compliance with requirements.

The bonds will consist of series C bonds due 2027, series D bonds due 2029 and series E bonds due 2031.

Megawide said it would use the proceeds from the fund-raising activity to refinance debt and fund business development opportunities and other general purposes.

The offering will run from June 24 to July 3. The bonds will be listed on the Philippine Dealing & Exchange Corp. on July 11 based on the latest timetable submitted to the SEC.

Megawide tapped PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint issue managers, joint lead underwriters and bookrunners for the transaction.

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