Megawide eyes notes to refinance debts

Megawide Construction Corp., the first company to hold an initial public offering at the Philippine Stock Exchange this year, is set to refinance its debts by issuing notes. In a statement to the Philippine Stock Exchange on Thursday, Megawide said its board of directors directed company officials to enter a notes facility agreement and issue fixed rate corporate notes of up to P 3 billion. "The board also approved a first drawdown of up to P1 billion to replace existing/maturing obligations. Subsequent drawdowns shall be subject to approval by the board," the company said. Megawide, which is the developer of most of the residential condominium projects of SM Development Corp., had listed with the PSE in February this year and raised over P2 billion in fresh funds via the maiden share sale. The offering proceeds, according to the company, would be used to fund a pre-cast concrete manufacturing plant and the purchase of new tower cranes earth-moving equipment and new form works. -- CMA/OMG, GMA News