Megaworld Corp. plans to issue up to 30 billion Philippine pesos of bonds under a debt securities program.

The company's board approved the proposed issuance of notes, including an initial issuance of fixed-rate bonds of up to 8.0 billion pesos, with an oversubscription option of up to 4.0 billion pesos.

Megaworld plans to use the proceeds from the issuance to fund its capital expenses. Its management will determine the size of the issuance, and the notes' pricing, terms and conditions, among other details.

BDO Capital & Investment Corp. serves as the issue manager, lead underwriter and book runner for the issuance.

As of Jan. 19, US$1 was equivalent to 49.98 Philippine pesos.