Metro Pacific Tollways Corp. (MPTC) has received pre-effective approval from the Securities and Exchange Commission (SEC) for its proposed bond issuance of up to P20 billion, the company announced Thursday.
The tollway operator plans to offer up to P15 billion in fixed-rate bonds to the public, with an oversubscription option of up to P5 billion. The bonds will be issued in up to three series with tenors of three years, five years, and 10 years.
MPTC intends to use the net proceeds to partially finance construction and maintenance of three expressway projects: the Manila Cavite Expressway (Cavitex), Cavite Laguna Expressway (Calax), and Lapu Lapu Expressway (LLEX).
The funds will also partially refinance bridge facilities and support general corporate purposes.
‘This maiden bond offering strengthens MPTC’s liquidity and diversifies its sources of capital,’ said MPTC President and CEO Gilbert Santa Maria. ‘The proceeds will fund our ongoing investments and expansion projects, consistent with our mission to build essential infrastructure that supports nation-building and economic progress.’
Philippine Ratings Services Corp. assigned the bonds a PRS Aaa rating with a stable outlook on September 26, the company’s highest credit rating.
MPTC will accept subscriptions from November 17 to 21, with the bonds targeted for issuance and listing on the Philippine Dealing and Exchange Corp. (PDEX) on December 2. The offering remains subject to final regulatory approval and the receipt of a permit to sell from the SEC.
The bonds will be issued at par, with interest calculated on a 30/360-day count basis and paid quarterly in arrears.
BPI Capital Corp. and First Metro Investment Corp. are serving as joint issue managers for the offering. They will work alongside BDO Capital and Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. as joint lead underwriters and joint bookrunners.