MEGAWORLD CORP. is aiming to raise P5 billion from an offering of debt notes before the end of the year for investment opportunities arising from the global financial crisis as well as for the continued expansion of its six major townships in Metro Manila.

Megaworld executive director Kingson Sian said in an interview that the company launched Friday P3 billion worth of bonds, but that the board approved to increase the size to P5 billion.

"We want to be better prepared for what's ahead next year so that we can take advantage of opportunities in the market," Sian said.

Megaworld's decision to brave the debt market this year comes on the heels of projections of an economic slowdown in 2009 that will tighten credit markets.

Megaworld said its unsecured corporate notes would be issued to not more than 19 institutional investors.

Megaworld's board also authorized the appointment of BDO Capital and Investment Corp. as issue manager of the debt notes.

The notes may be issued in one or more tranches with the amount and maturity of each tranche to be fixed subject to market demand. The interest on the notes will be calculated using an applicable benchmark rate to be determined by Megaworld and the issue manager. The final terms of the notes will be agreed upon by and between Megaworld and the issue manager.

Despite the crisis, Sian said Megaworld was "well-positioned" to capture the home buyers' market since they would prefer quality products and location.

Sian said Megaworld was also reviewing its capital spending next year and may push back launches of some projects, but not its main projects in Metro Manila.