Megawide sets record and interest payment dates for bond offering

LISTED engineering and infrastructure conglomerate Megawide Construction Corp. has set the record and interest payment dates for its fixed-rate bond offering.

The record and interest payment dates for the company’s Series C, D, and E bonds are on Oct. 9 and 11, respectively, Megawide said in a stock exchange disclosure on Tuesday.

The bonds are from Megawide’s P5-billion fixed-rate bond offering listed on the Philippine Dealing and Exchange Corp. on July 11.

Megawide’s Series C bonds, with a 7.6348% interest rate, are due in three years, while the Series D bonds, due in five years, are at 8.0580%.

On the other hand, the company priced its Series E bonds at 8.4758% due in seven years.

The bond issuance received total tenders of P6.4 billion and was 1.6 times oversubscribed from the base amount of P5 billion.

RCBC Capital Corp., SB Capital Investment Corp., and PNB Capital and Investment Corp. were the joint issue managers, joint lead underwriters and bookrunners for the exercise, with RCBC – Trust and Investment Group acting as trustee.

For the first half, Megawide grew its net income by 21% to P438 million, driven by its construction and real estate businesses.

The company posted P11.4 billion in first-half revenue, up by 2% from P11.16 billion last year, led by the construction segment and the initial contribution of the real estate business.

Megawide’s current projects include the construction of the Malolos-Clark Railway Project Package 1, Metro Manila Subway Contract Package 104, and the modernization of Cebu’s historic Carbon Market District.

On Tuesday, Megawide stocks improved by 1.11% or three centavos to P2.74 apiece. — Revin Mikhael D. Ochave