By Angela McDaniels
Tacoma, Wash., Feb. 11 - Megaworld Corp. issued PHP 1.4 billion of seven-year unsecured corporate notes on Tuesday, according to a 17-C filing with the Philippines Securities and Exchange Commission.
In November, the company's board of directors authorized the issue of up to PHP 5 billion notes to up to 19 institutional investors in one or more tranches.
On Wednesday, the company also announced plans for a rights offering. Shareholders will be offered one new share at the price of PHP 1 for every four shares held.
Shareholders who subscribe will also receive four warrants for every five rights shares, and each five-year warrant will be exercisable after two years for one share at an exercise price of PHP 1.
Megaworld said the notes issue and rights offering together are expected to raise around PHP 10.4 billion in proceeds, which will be applied toward the company's PHP 30 billion of projected capital and development expenditures over the next three years.
The property developer is based in Makati City, the Philippines.
| Issuer: | Megaworld Corp.
|
| Issue: | Unsecured corporate notes
|
| Amount: | PHP 1.4 billion
|
| Maturity: | 2016
|
| Settlement date: | Feb. 10
|
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