Megaworld to borrow $200-M to refinance some of its debts

Real estate developer Megaworld Corp. will be issuing a $200-million corporate notes to refinance some of its debts and fund general corporate purposes. In a disclosure to the Philippine Stock Exchange, Megaworld said the seven-year US dollar-denominated corporate notes will mature in 2018. "Megaworld...is seeking to issue $200-M worth of notes," the company said in a disclosure. Details about the terms and conditions of the notes will still be finalized. The notes will also be listed on the Singapore Exchange Securities Trading Limited. UBS AG will be the lead manager of the issue. The company earlier said that its net income in 2010 reached an all-time high of P5.1 billion. For this year, Megaworld has also disclosed that it will be rolling out a home building program, targeting to construct 18,673 residential units with a total floor area of more than 830,000 square meters. -- CMA/OMG, GMA News