Megawide Construction Corp. said it has raised P4 billion through the issuance of bonds.
The issuance was listed Wednesday at the Philippine Dealing and Exchange Corp. (PDEx).
Megawide said the fund raising exercise attracted a total tender of P6.71 billion and was 2.24x oversubscribed from the P3 billion base issue. It was offered to the public from July 28 to August 5.
“A total of P4 billion was raised, which consists of Series A – P1.6 billion maturing in 3.5 years from issue date at a rate of 6.9506 percent – and Series B – P2.4 billion maturing in five years from issue date at a rate of 7.9663 percent,” Megawide said.
The net proceeds of the fixed-rate bonds shall be used by Megawide primarily to refinance its short-term debts, fund its capital expenditures and other general corporate requirements.