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Business

SEC OKs Megawide’s P5 billion bond offer

Richmond Mercurio - The Philippine Star
SEC OKs Megawide�s P5 billion bond offer
A cease and desist order was issued by the SEC against Superbreakthrough for illegally soliciting investments from the public.
Businessworld / SEC.GOV.PH

MANILA, Philippines — Megawide Construction Corp., the listed infrastructure conglomerate of businessman Edgar Saavedra, has been cleared to proceed with its plan to raise as much as P5 billion from the bond market.

The Securities and Exchange Commission (SEC) said it has approved Megawide’s P5 billion bond offering, with the commission en banc resolving to render effective the registration statement of the company in a meeting on June 18.

The offering consists of up to P4 billion of fixed-rate bonds, with an oversubscription option of up to P1 billion.

The bonds are composed of Series C bonds due 2027 Series D bonds due 2029 and Series E bonds due 2031.

Megawide expects to net P4.93 billion from the offer assuming the oversubscription is fully exercised.

The company intends to use proceeds for the refinancing of its existing debt obligations as well as for funding of business development opportunities and other general purposes.

Based on the latest timetable submitted to the SEC, the bonds will be offered from June 24 to July 3.

Listing at the Philippine Dealing & Exchange Corp. is eyed on July 11.

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

Megawide successfully raised P4 billion in 2022 from the issuance of fixed-rate bonds, including an oversubscription option of P1 billion.

Its maiden bond issuance consisted of Series A fixed rate bonds due 2026 and Series B fixed rate bonds due 2027.

The bonds carry coupon rates of 6.9506 percent and 7.9663 percent per annum, respectively, to be paid on a quarterly basis.

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