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Bacolod City, Philippines Tuesday, August 4, 2020
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Megaworld completes $350M senior
unsecured fixed rate notes offering


Megaworld Corporation said it successfully completed its US$350-million Reg S Registered US dollar-denominated Senior Unsecured Fixed Rate Notes offering, with a seven-year tenor and a coupon rate of 4.125 percent, the lowest coupon achieved for a Philippine corporate entity on a 7-year US dollar public bond transaction.

The Notes are considered to be Megaworld’s first senior vanilla bond issuance since 2013, and the lowest ever coupon in the US dollar bond market achieved by the company throughout its corporate history, a press release from the company said.

Aside from the new record low for a USD bond coupon from a Philippine real estate company, the printing of notes was the largest issue size for USD bond offering among real estate companies in the Philippines. It also recorded the fastest completion among USD bond issuances by a Philippine corporate issuer of only 11 days, the press release said.

“This issuance puts Megaworld in a good position to benefit from the eventual recovery of the Philippine economy. In spite of the pandemic, demand for real estate offerings has remained strong as many still view it as a safe investment,” Kevin Tan, Megaworld chief strategy officer, said.

“We foresee that business process outsourcing companies may need more office spaces because of physical distancing requirements. This infusion of funds will support our investment pipeline and future land banking initiatives,” he added in the press release.*


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