MANILA – The Securities and Exchange Commission (SEC) has considered favorably the respective public offerings by Filinvest Land, Inc., Megawide Construction Corp., and Cityland Development Corp.
In its meeting Tuesday, the Commission en banc resolved to render effective the registration statements of Filinvest covering up to PHP30 billion of fixed-rate bonds under a shelf registration, Megawide for up to PHP5 billion of perpetual preferred shares, and Cityland for up to PHP1.4 billion of commercial papers, subject to the companies’ compliance with certain requirements.
Filinvest will offer up to PHP6.75 billion of bonds for the first tranche of the offering, with an oversubscription option of up to PHP2.25 billion.
The offer will consist of three-year bonds due in 2023 and 5.5-year bonds due in 2026.
The company expects to net PHP8.88 billion from the offer should the oversubscription option be fully exercised.
The proceeds will be used to refinance Filinvest’s maturing debt and fund its capital expenditures and general corporate requirements.
The bonds, which will be offered at face value, will be listed and traded at the Philippine Dealing & Exchange Corp.
Filinvest tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East-West Banking Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the offer.
First Metro Investment Corp. will serve as the co-lead underwriter.
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 PHP100 apiece.
The preferred shares will be listed and traded on the main board of the Philippine Stock Exchange.
Assuming the oversubscription option is fully exercised, Megawide expects to net about PHP4.96 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 also approved Cityland’s offering of commercial papers, where the company expects to net about PHP1.39 billion.
Proceeds from the offer will be used to partially finance the construction of the company’s projects and to pay its maturing notes.
The commission has likewise approved Cityland’s request for exemption from the submission of an underwriting agreement for the offer. (PR)
