By Marisa Wong
Los Angeles, Aug. 18 – Megawide Construction Corp. announced it listed PHP 4 billion of fixed-rate bonds, inclusive of a PHP 1 billion oversubscription option, on the Philippine Dealing Exchange on Wednesday.
The PHP 3 billion base offering was 2.24 times oversubscribed, with orders totaling PHP 6.71 billion.
The issue consists of PHP 1.6 billion of 6.9506% 3.5-year series A bonds an PHP 2.4 billion of 7.9663% five-year series B bonds.
The offer period ran from July 28 to Aug. 5.
RCBC Capital Corp. and SB Capital Investment Corp. were the joint issue managers, joint lead underwriters and bookrunners with RCBC – Trust and Investment Group acting as trustee and Security Bank Corp. as market maker.
Proceeds will be used to refinance short-term debt, fund capital expenditures, fund general corporate requirements and pay transaction fees.
The bonds were assigned a credit rating of PRS Aa by Philippine Ratings Services Corp.
The construction and engineering firm is based in Quezon City, Philippines.
| Issuer: | Megawide Construction Corp.
|
| Amount: | PHP 4 billion
|
| Issue: | Fixed-rate bonds
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| Bookrunners: | RCBC Capital Corp. and SB Capital Investment Corp.
|
| Market maker: | Security Bank Corp.
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| Trustee: | RCBC – Trust and Investment Group
|
| Offer period: | July 28-Aug. 5
|
| Listing date: | Aug. 17
|
| Rating: | Philippine Ratings Services Corp.: PRS Aa
|
|
|
| Series A bonds
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| Amount: | PHP 1.6 billion
|
| Maturity: | 3.5 years
|
| Coupon: | 6.9506%
|
|
|
| Series B bonds
|
| Amount: | PHP 2.4 billion
|
| Maturity: | Five years
|
| Coupon: | 7.9663%
|
|
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