Megawide board OK’s P5-B bond offering

SAAVEDRA-LED Megawide Construction Corp. said its board has approved a P5-billion bond offering as part of its fundraising plans.

The company’s offer will be peso-denominated fixed rate bonds, Megawide said in a stock exchange disclosure on Monday.

The issuance will have a base offer of up to P4 billion and an oversubscription option of up to P1 billion consisting of three-year Series C bonds due 2027, five-year Series D bonds due 2029, and seven-year Series E bonds due 2031.

The construction company tapped PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as the joint issue managers, joint lead underwriters, and bookrunners of the offer.

Megawide is a listed construction company. It is involved in various infrastructure projects such as the Malolos-Clark Railway and the Metro Manila Subway.

The company is also engaged in property development through its subsidiary PH1 World Developers, Inc.

On Monday, Megawide shares declined by 2.89% or nine centavos to P3.02 apiece. — Revin Mikhael D. Ochave