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Thursday, March 28, 2024

Megaworld’s P30-b bond program cleared

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The Securities and Exchange Commission on Thursday approved the plan of property developer Megaworld Corp. to issue P30 billion worth of bonds.

SEC secretary Armado Pan Jr. said the corporate approved the P30-billion securities program of Megaworld Corp., including an initial tranche of P8 billion worth of seven-year fixed bonds with an oversubscription option for another P4 billion.

Megaworld said it would use the net proceeds from the bond offering to finance developments in four township projects, including Iloilo Business Park, McKinley Hill, McKinley West and Uptown Bonifacio.

Megaworld said that over the next three years, it would spend P1.16 billion in Iloilo Business Park, P2.14 billion in McKinley Hill, P2.4 billion in McKinley West and P7.2 billion in Uptown Bonifacio. BDO Unibank Inc. is the lead underwriter for the bond offering.

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