Megaworld gets approval for bonds; STI Education also plans issuance

By Marisa Wong

Morgantown, W.Va., March 13 – Megaworld Corp. said the Philippine Securities and Exchange Commission approved its previously proposed PHP 30 billion of peso-denominated bonds.

The company is planning to issue PHP 8 billion of bonds with an up to PHP 4 billion oversubscription option in the first tranche. The series B bonds will have a maturity of seven years, according to a notice on Friday.

The remaining PHP 18 billion of approved bonds will be offered within three years.

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

According to a separate notice on Friday, Megaworld subsidiary STI Education Systems Holdings, Inc. plans to offer PHP 5 billion of fixed-rate bonds under the same approved shelf registration program within the next three years.

STI Education expects to issue an initial tranche of seven- and 10-year bonds totaling PHP 3 billion.

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

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