Philippines’ Megawide amends redemption date for series 1 preferreds

By Marisa Wong

Los Angeles, Feb. 16 – Megawide Construction Corp. announced it completed the redemption of its series 1 preferred shares on Feb. 15, according to a notice on Wednesday.

In an Oct. 19 announcement, Megawide had said it would redeem the series 1 preferreds on Dec. 3, the seventh anniversary of the preferreds’ listing date on Dec. 3, 2014.

The preferreds were redeemed at PHP 100 per share.

Megawide had also announced in October an offering of series 4 preferreds, proceeds of which were earmarked for the redemption of the series 1 preferreds.

The company redeemed the series 1 preferreds to avoid a step-up rate. The series 1 preferreds had a coupon of 7.025% that would have stepped up by 487.5 basis points had the call option not been exercised on their seventh anniversary, as previously disclosed.

The construction and engineering firm is based in Quezon City, Philippines.

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