MANILA - Property developer Megaworld Corp said Tuesday it sold P12 billion in fixed rate bonds due in 2024.
The offer was oversubscribed from the initial P8 billion. The bonds were priced at 5.3535 percent, the company told the stock exchange.
"Proceeds from the bonds are intended to primarily finance the issuer's capital expenditures in relation to its investment properties," Megaworld said.
It was the company's first local bond sale since it issued 5-year fixed rate bonds in 2009, the first tranche of its P30-billion plan.
Shares of Megaworld were up 1.16 percent to P3.49 in early trading on Tuesday.