MEGAWIDE Construction Corp. on Friday said that it had issued P1.10 billion in peso-denominated fixed-rate notes, due in 2029, with a fixed interest rate of 7 percent per year.
The notes have been listed with Philippine Dealing & Exchange Corp. and are exempt from registration with the Securities and Exchange Commission.
The company said that proceeds would be used to refinance existing obligations of the company and for general corporate purposes.
The notes were rated PRS Aa with a stable outlook by the Philippine Rating Services Corp.
Megawide Chief Financial Officer Jez dela Cruz has said that the company’s fund-raising initiatives were part of a “bigger financial management program, which includes both de-levering short-term debt to improve liquidity and ease interest expenses and stretching out maturities to relax debt towers and optimize use of cash.”
Megawide shares on Friday rose by a centavo, or 0.3 percent, to close at P3.32 apiece, bucking a 1.02-percent drop for the benchmark Philippine Stock Exchange index.
