Megaworld to list bonds on PDEX
11/20/2009 | 02:55 PM
Developer Megaworld corp. will be listing its fixed-rate bonds, the proceeds of which will be used for the development of a mixed-use project in Fort Bonifacio, on the Philippine Dealing & Exchange Corp.
Megaworld told the Philippine Stock Exchange on Friday that its P5-billion fixed rate bonds has been approved for listing on the PDEX effective November 25.
"The listing of the bonds will widen the reach of price discovery and transparency for the issue and enable participation in the issue across all markets on PDEX," Megaworld said.
On Thursday, Megaworld disclosed that its bonds were oversubscribed by 2.4 times.
The company, one of the largest residential developers in the Philippines, has secured the right to develop the area.
The bonds, which will fall due five years and six months after issuance, has already been assigned an “AAA" rating from the Credit Rating and Investors Service Philippines Inc. (Crisp).
The highest rating on the bonds reflect the company’s “strong capacity to repay debt obligations," Crisp had said.
Joint lead manager and bookrunners for the capital raising exercise will be the BDO Capital and Investment Corp. and the Hongkong and Shanghai Banking Corp. Ltd.
Megaworld received the right to develop the 8.38-hectare property owned by the Bases Conversion Development Authority (BCDA) in Fort Bonifacio after it submitted a P3.15 billion bid in September.
Under the proposal, BCDA will receive an upfront payment of P1.062 billion and annual revenues of P306.6 million for 12 years.
The company is committed to invest a minimum of P15.6 billion over 20 years for the development of the property into a mixed-use complex.
“Megaworld is committed to invest minimum of P15.6 billion over 20 years for the development of the property into a mixed-use complex," the company said. - Cheryl M. Arcibal, GMANews.TV
Megaworld told the Philippine Stock Exchange on Friday that its P5-billion fixed rate bonds has been approved for listing on the PDEX effective November 25.
"The listing of the bonds will widen the reach of price discovery and transparency for the issue and enable participation in the issue across all markets on PDEX," Megaworld said.
On Thursday, Megaworld disclosed that its bonds were oversubscribed by 2.4 times.
The company, one of the largest residential developers in the Philippines, has secured the right to develop the area.
The bonds, which will fall due five years and six months after issuance, has already been assigned an “AAA" rating from the Credit Rating and Investors Service Philippines Inc. (Crisp).
The highest rating on the bonds reflect the company’s “strong capacity to repay debt obligations," Crisp had said.
Joint lead manager and bookrunners for the capital raising exercise will be the BDO Capital and Investment Corp. and the Hongkong and Shanghai Banking Corp. Ltd.
Megaworld received the right to develop the 8.38-hectare property owned by the Bases Conversion Development Authority (BCDA) in Fort Bonifacio after it submitted a P3.15 billion bid in September.
Under the proposal, BCDA will receive an upfront payment of P1.062 billion and annual revenues of P306.6 million for 12 years.
The company is committed to invest a minimum of P15.6 billion over 20 years for the development of the property into a mixed-use complex.
“Megaworld is committed to invest minimum of P15.6 billion over 20 years for the development of the property into a mixed-use complex," the company said. - Cheryl M. Arcibal, GMANews.TV
