Philippines’ Megawide to redeem series 1 preferreds on Dec. 3

By Marisa Wong

Los Angeles, Oct. 19 – Megawide Construction Corp. announced it will redeem its series 1 preferred shares on Dec. 3.

The redemption date falls on the seventh anniversary of the preferreds’ listing date on Dec. 3, 2014.

The preferreds will be redeemed at PHP 100 per share.

Megawide recently announced an offering of series 4 preferreds, proceeds of which are earmarked for the redemption of the series 1 preferreds.

The company is redeeming the series 1 preferreds to avoid a step-up rate. The series 1 preferreds have a coupon of 7.025% that steps up by 487.5 basis points if the call option is not exercised on their seventh anniversary, as previously disclosed.

The construction and engineering firm is based in Quezon City, Philippines.

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