Megaworld Corporation has set the coupon rate of its P5 billion fixed rate bonds at 8.46 percent per annum.

The firm said in a disclosure to the Philippine Stock Exchange that it has signed an agreement with underwriters including The Hong Kong and Shanghai Banking Corporation Limited (HSBC) finalizing the terms and conditions of the bonds due on May 18, 2015.

The Securities and Exchange Commission (SEC) has issued a pre-effective clearance for the offering of the Fixed Rate Bonds. Subject to the issuance by the SEC of a Permit to Sell Securities, the offer period will start on November 6, 2009 and end on November 11, 2009.

Credit Rating and Investors Services Philippines, Inc. (CRISP) has assigned a "AAA" rating to the Issue, which is its highest rating reflecting strongest capacity to repay debt obligations.

Proceeds from the issue will be used primarily to fund capital expenditures for Megaworld's proposed P15.6 billion North Bonifacio Central District project in Fort Bonifacio.