Megaworld Corp. is offering fixed-rate series B bonds of up to 8.0 billion pesos due 2024, in a first tranche under the company's debt securities program of up to 30 billion Philippine pesos.
The bonds have an oversubscription option of up to 4.0 billion pesos. If this option is fully exercised, total net proceeds of the offer are expected to be approximately 11.85 billion pesos.
Offered in denominations of at least 50,000 pesos and in multiples of 10,000 pesos thereafter, the bonds will be repaid at 100% of face value on the maturity date, unless otherwise redeemed or purchased beforehand. They will be traded in denominations of 10,000 pesos in the secondary market. Proceeds of the offering are intended to finance Megaworld's capital expenditures.
The program's commercial paper series will have terms ranging from three months to one year from each issue date and may be issued in a lump sum or in tranches, with a predetermined fixed interest rate. Interest on the bonds in each tranche of the series will be paid semiannually in arrears.
BDO Capital & Investment Corp. serves as the issue manager and lead underwriter for the offering.
As of Jan. 25, US$1 was equivalent to 49.65 Philippine pesos.