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MPTC raises P20B in bond sale to cut debt, fund projects
Metro Pacific Tollways Corp. (MPTC) successfully raised P20 billion through a fixed-rate bond sale to finance infrastructure projects and reduce its P200-billion net debt.
The bond issuance, which included base offer and oversubscription options, saw demand triple to over P46 billion.
MPTC president and CEO Gilbert F. Santa Maria stated that the proceeds will be used for investments in the construction and maintenance of the Manila-Cavite Expressway, Cavite-Laguna Expressway (CALAX), and Lapu-Lapu Expressway (LLEX), as well as to refinance bridge facilities.
The bonds carry a credit rating of PRS Aaa with a stable outlook from PhilRatings.
The offer period ran from Nov. 17 to 21, with the bonds issued and listed on the Philippine Dealing and Exchange Corp. (PDEx) on Tuesday, Dec. 2.
The planned merger between MPTC and San Miguel Corp.'s toll business has been postponed to prioritize debt reduction efforts.
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