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The Securities and Exchange Commission on Wednesday announced it has approved Megawide Construction Corp. 's P5-billion fund raising initiative through the sale of fixed-rate bonds to the investing public.In a statement, the SEC said it has "considered favorably" the P5-billion bond offering by Megawide.
Megawide's bond offer will consist of three-year Series C bonds due 2027, five-year Series D bonds due 2029, and seven-year Series E bonds due 2031.The company is expected to net P4.93 billion from the bond offer should the oversubscription option be fully availed.Megawide intends to use the proceeds of its bond offer for refinancing its existing debt obligations and funding of business development opportunities, as well as other general purposes.
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