The Securities and Exchange Commission has approved the planned fund-raising activities of Filinvest Land, Megawide Construction Corp. and Cityland Development Corp.
Gotianun-led FLI is issuing up to P30 billion worth of fixed-rate bonds while Megawide is offering up to P5 billion perpetual preferred shares. Cityland, meanwhile, is floating up to P1.4 billion worth of commercial papers.
FLI will initially offer P6.75 billion bonds, with an oversubscription option of up to P2.25 billion. The bonds have a tenor of three to 5.5 years. Net proceeds from the offer, amounting to P8.88 billion will be used to refinance FLI’s maturing debt and fund its capital expenditures and general corporate requirements.
Megawide’s offer consists of up to 50 million non-voting perpetual Series 2 preferred shares, priced at P100 apiece.
Assuming the oversubscription option is fully exercised, Megawide will raise around P4.96 billion, which it plans to use to partially finance its existing projects, including the Mactan-Cebu International Airport and Parañaque Integrated Terminal Exchange, as well as for the expansion of its pre-cast plant capacity.
Cityland, meanwhile, will float P1.39 billion worth of commercial papers to partly fund the construction of its projects and settle maturing obligations.