SEC Okays Bond Offering by Megawide Construction Corporation

The Securities and Exchange Commission (SEC) has considered favorably the P5 billion bond offering by Megawide Construction Corporation.

In its meeting on June 18, the Commission En Banc resolved to render effective the registration statement of Megawide covering up to P4 billion of fixed-rate bonds, with an oversubscription option of up to P1 billion, subject to the company’s compliance with certain remaining requirements. 

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

Assuming the oversubscription is fully exercised, the listed company expects to net P4.93 billion from the offer. Proceeds will be used for the refinancing of the company’s existing debt obligations and funding of business development opportunities, as well as other general purposes.

The bonds will be offered at face value from June 24 to July 3, in time for listing at the Philippine Dealing & Exchange Corp. on July 11, according to the latest timetable submitted to the SEC.

Megawide engaged PNB Capital and Investment Corporations, RCBC Capital Corporation, and SB Capital Investment Corporation as joint issue managers, joint lead underwriters, and bookrunners for the offer.