The Securities and Exchange Commission (SEC) said it has approved Megawide Construction Corp.’s P4-billion bond sale.
The borrowing is divided into an initial P3 billion with tenors of 3.5-years due 2026 and 5 years due 2027, and another P1 billion covering oversubscription.
The proceeds of the fund-raising will be used to refinance as much as P1.98 billion of the company’s short-term debt, and fund capital expenditures.
The company intends to use the proceeds to finance its other landport projects and the construction of the Metro Manila Subway Project and the South Commuter Railway Project.
Megawide intends to sell the bonds between July 28,and August 5 before listing the same in the Philippine Dealing & Exchange Corp. on August 17, according to the latest timeline submitted to the SEC.
Megawide tapped RCBC Capital Corp. and SB Capital Investment Corp. as the joint issue managers, joint lead underwriters, and bookrunners for the offer.
