The SEC accepts the Megawide bond offering.
The public issue of fixed-rate bonds by Megawide Construction Corporation for up to PHP4 billion has received favorable consideration from the Securities and Exchange Commission (SEC).
The Commission en banc decided to make the registration statement for the company’s debt securities offering effective during its meeting on July 21; however, there are still a few conditions that must be met.
The offer consists of up to PHP3 billion in 3.5-year Series A bonds due in 2026 and PHP1 billion in five-year Series B bonds due in 2027, with a PHP1 billion oversubscription option.
The over-allotment option is fully exercised would result in PHP3.97 billion in net proceeds from the offer.
The money will be used to pay off Megawide’s current debt, cover capital expenses, and meet other basic company needs.
According to the most recent schedule provided to the SEC, the bonds will be offered at face value from July 28 to August 5, in time for their listing on the Philippine Dealing & Exchange Corp. on August 17.
RCBC Capital Corporation and SB Capital Investment Corporation have been hired by Megawide to serve as the offer’s joint issue managers, joint lead underwriters, and joint book-runners.
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