Philippines’ Megaworld eyes up to PHP 12 billion tranche of bonds

By Marisa Wong

Morgantown, W.Va., Jan. 20 – Megaworld Corp. said it is set to register up to PHP 30 billion of peso-denominated bonds with the Philippine Securities and Exchange Commission.

The company is planning to issue PHP 8 billion of bonds with an up to PHP 4 billion oversubscription option in the first tranche.

Proceeds will be used primarily to build up the company’s rental portfolio, particularly office and mall developments.

Philippine Ratings Services Corp. has assigned a rating of Aaa to the proposed issuance.

Megaworld is a Makati City, Philippines-based real estate development company.

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