PANGILINAN-LED Metro Pacific Tollways Corp. (MPTC) has secured approval from the Securities and Exchange Commission (SEC) for its P15-billion fixed-rate bond offering.
In a media release on Thursday, the tollways arm of Metro Pacific Investments Corp. (MPIC) said it had received pre-effective approval from the corporate regulator for its P15-billion fixed-rate bond offering, with an oversubscription option of up to P5 billion.
“This maiden bond offering strengthens MPTC’s liquidity and diversifies its sources of capital… 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,” MPTC President and Chief Executive Officer Gilbert F. Santa Maria said.
The offer period is targeted to run from Nov. 17 to 21, while the bonds are expected to be issued and listed on the Philippine Dealing and Exchange Corp. (PDEx) on Dec. 2.
MPTC said the offer is still subject to the satisfaction of all required and applicable regulatory requirements and the receipt from the SEC of a permit to sell the bonds.
The company intends to allocate net proceeds from the offer to partially finance its continued investments in the construction and maintenance of the Manila-Cavite Expressway, Cavite-Laguna Expressway (CALAX), and Lapu-Lapu Expressway (LLEX), as well as the refinancing of its bridge facilities and other corporate purposes.
“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,” Mr. Santa Maria said.
BPI Capital Corp. and First Metro Investment Corp. are the joint issue managers for the offer, while BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. are joint lead underwriters and joint bookrunners.
The bonds have been assigned a credit rating of PRS Aaa with a stable outlook by Philippine Rating Services Corp. (PhilRatings), the highest rating assigned by the credit watcher.
PhilRatings said the rating reflects MPTC’s growing regional footprint and project pipeline, as well as its sustained growth and increasing earnings.
MPTC is the tollways unit of MPIC, one of the three key Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.
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