By Marisa Wong
Morgantown, W.Va., April 5 – Megaworld Corp. said it priced $200 million of fixed-for-life senior perpetual notes with a yield of 5 3/8%, 62.5 basis points tighter than initial guidance of 6%.
The company said pricing was essentially flat to the tightest Philippine fixed-for-life instrument in the secondary market, implying no new issue premium.
The company priced the Regulation S notes following a two-day roadshow in Hong Kong and Singapore arranged by JPMorgan.
The orderbook was about two times oversubscribed, according to a company announcement.
The strong demand allowed for accelerated pricing within the two-day roadshow window.
The issuance represents the first ever perpetual bond for Megaworld.
Proceeds will be used for general corporate purposes and refinancing existing debt.
Megaworld is a Makati City, Philippines-based real estate development company.
| Issuer: | Megaworld Corp.
|
| Issue: | Fixed-for-life senior perpetual notes
|
| Amount: | $200 million
|
| Maturity: | Perpetual
|
| Yield: | 5 3/8%
|
| Price talk: | 6%
|
| Bookrunner: | JPMorgan
|
| Announcement date: | April 5
|
| Distribution: | Regulation S
|
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