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SEC clears P4-B bond offer of Megawide

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Megawide Construction Corp. was given clearance by the Securities and Exchange Commission to sell up to P4 billion in bonds from July 28 to Aug. 5. 

The Commission En Banc, during a July 21 meeting, said the debt sale complied with all regulatory requirements.

Megawide, a construction and infrastructure giant led by business tycoon Edgar Saavedra, plans to offer up to P3 billion of 3.5-year Series A bonds due 2026 and five-year Series B bonds due 2027. There was also an oversubscription option of up to P1 billion to meet excess demand. 

Proceeds will be used to to refinance debts, fund its capital expenditures, and for general corporate requirements. 

Megawide earlier hired RCBC Capital Corp. and SB Capital Investment Corp. as the joint issue managers, joint lead underwriters, and bookrunners for the bond sale. 

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The article was originally published in Inquirer.NET and written by Miguel Camus.

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