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Manila Bulletin devider Business devider The Stock Market devider Megawide lists P5 billion bonds after oversubscribed offering

Megawide lists P5 billion bonds after oversubscribed offering

Published Jul 25, 2024 05:20 am

Megawide Construction Corporation, an infrastructure and engineering firm led by tycoon Edgar Saavedra, has listed P5 billion worth of Fixed-Rate Bonds at the Philippine Dealing and Exchange Corp. (PDEx) after an oversubscribed public offering.

In a disclosure to the Philippine Stock Exchange, the firm said the issue (inclusive of the P1 billion oversubscription option) received total tenders of P6.4 billion during the public offer period, which ran from June 28 to July 04, 2024, and was 1.6 times oversubscribed from the base amount. 

The P5 billion raised consisted of Series C (P3.1 billion maturing in three years from issue date), Series D (P1.1 billion maturing in five years), and Series E (P819.2 million maturing in seven years) carrying a weighted average rate of 7.86 percent across all maturities.

“We are very thankful for the unwavering support and confidence of our underwriters and investors, and we will look forward to this same enthusiasm as we embark on more exciting projects towards Engineering a First-World Philippines,” said Megawide Chairman and CEO Saavedra. 

He added that, “Our thrust to grow in more scalable platforms that offer synergies within our internal value chain paves the way for new opportunities.” 

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.

The offering received a very warm reception from participating institutions and investors amid the lingering geo-political tension and global economic uncertainties. 

“PNB Capital together with RCBC and SB Capital congratulate Mr. Saavedra and the Megawide team. They are able to demonstrate their agility to navigate through the challenges and take advantage of opportunities to come out stronger. 

“These themes resonate well with investors, which we believe drove the healthy demand and oversubscription for the offer,” said PNB Capital President and CEO Gerry Valenciano.

Megawide Group Chief Financial Officer Jez dela Cruz said “The successful outcome of the bond offering is a vote of confidence in our ability to get back on our feet and sustain our growth momentum as we deliver on our existing and upcoming projects. 

“In addition, the initiative is part of our long-term liability management program as we aim to strengthen the group’s balance sheet, while aligning our sources and uses of funds.”

In the first three months of the year, the Company reported a 19 percent growth in revenues to P5.2 billion and reversed the P7.4-million net loss last year to a P183 million net income. 

This was attributed to a strong construction segment – driven by a steady accomplishment of ongoing projects – complemented by the recovery in the landport segment and initial contribution from the real estate venture under PH1 World Developers, Inc. 

Furthermore, Megawide is also expecting to break ground for its transit-centric development (TCD) in Baguio City and a Bus Rapid Transit (BRT) System in Cavite within the year to strengthen its land-based transport-related infrastructure portfolio.

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edgar saavedra Megawide Construction Corporation
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