The Securities and Exchange Commission (SEC) has approved the planned public offerings of Filinvest Land, Inc., Megawide Construction Corporation, and Cityland Development Corporation.
The Commission En Banc resolved to render effective the registration statements of FLI covering up to P30 billion of fixed-rate bonds under a shelf registration, Megawide for up to P5 billion of perpetual preferred shares and Cityland for up to P1.4 billion of commercial papers.
FLI will offer up to P6.75 billion of bonds for the first tranche of the offering, with an oversubscription option of up to P2.25 billion. The offer will consist of three-year bonds due 2023 and 5.5-year bonds due 2026.
The company expects to net P8.88 billion from the offer, should the oversubscription option be fully
exercised.
The proceeds will be used to refinance Filinvest’s maturing debt and to fund its capital expenditures and general corporate requirements.
Megawide will offer 30 million non-voting perpetual Series 2 Preferred Shares, with an oversubscription option of up to 20 million non-voting perpetual Series 2 Preferred Shares, priced at P100 apiece.
Assuming the oversubscription option is fully exercised, Megawide expects to net around P4.96 billion for the offer.
Proceeds will be used to partially finance the company’s existing projects, including the Mactan-Cebu International Airport and Parañaque Integrated Terminal Exchange, as well as the expansion of its pre-cast plant capacity, among others.
The SEC has likewise approved Cityland’s offering of commercial papers, where the company expects to net around P1.39 billion.
Proceeds from the offer will be used to partially finance the construction of the company’s projects and to pay its maturing notes.
Additionally, the Commission has approved Cityland’s request for exemption from the submission of an underwriting agreement for the offer.