By Marisa Wong
Morgantown, W.Va., March 28 – Megaworld Corp. issued PHP 12 billion of 5.3535% series B fixed-rate bonds due 2024 on Tuesday, according to a press release.
BDO Capital & Investment Corp. acted as lead underwriter and bookrunner. China Bank Capital Corp. participated as an underwriter as well.
The bonds were oversubscribed 2.2 times due to strong demand from investors, which included retail investors, banks, investment funds, pension funds, insurance companies and other corporates.
As a result, the lead underwriter exercised the deal’s PHP 4 billion oversubscription option in full.
The company previously registered up to PHP 30 billion of peso-denominated bonds with the Philippine Securities and Exchange Commission. The first tranche had an initial offer size of PHP 8 billion.
Proceeds will be used primarily to build up the company’s rental portfolio, particularly office and mall developments, as previously announced.
Philippine Ratings Services Corp. assigned a rating of Aaa to the issuance.
Megaworld is a Makati City, Philippines-based real estate development company.
| Issuer: | Megaworld Corp.
|
| Issue: | Series B fixed-rate bonds
|
| Amount: | PHP 12 billion, including PHP 4 billion from greenshoe
|
| Maturity: | 2024
|
| Underwriters: | BDO Capital & Investment Corp. (lead), China Bank Capital Corp. (participating)
|
| Coupon: | 5.3535%
|
| Offer end date: | March 21
|
| Settlement date: | March 28
|
| Rating: | Philippine Ratings Services Corp.: Aaa
|
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