PROPERTY TYCOON ANDREW Tan?s Megaworld Corp. has completed a P5-billion fund-raising through a recent bond sale.

Megaworld said in a disclosure to the Philippine Stock Exchange Thursday that the five-year retail bonds issue was 2.4 times oversubscribed. They carried a coupon rate of 8.46 percent a year.

BDO Capital & Investment Corp. and Hongkong and Shanghai Banking Corp. Ltd. acted as joint lead managers, underwriters and bookrunners for the bond offering.

Local credit watcher Credit Rating and Investor Services Philippines Inc. (CRISP) has assigned an ?AAA? rating to the proposed bond issuance. This is CRISP?s highest rating, which reflects Megaworld?s very strong capacity to repay obligations.

The amount to be generated from the offering will be used for the development of Megaworld?s new 8.38-hectare mixed-use venture in North Bonifacio, Taguig.

Megaworld has committed to invest at least P15.6 billion over the next 20 years to develop the North Bonifacio property, located in the northern district of Fort Bonifacio.

The company was recently awarded the right to develop the prime property as the joint venture partner of the state-owned Bases Conversion Development Authority.

The BCDA will be paid an upfront cash of P1.06 billion plus P306.62 million in annual revenue for the next 12 years.