MPTC seeks SEC approval for P20-B fixed-rate bond issuance

METRO Pacific Tollways Corp. (MPTC) is seeking regulatory approval to raise up to P20 billion through a bond issuance to help finance its expressway projects in Luzon and the Visayas.

In a statement on Monday, the tollways arm of Metro Pacific Investments Corp. (MPIC) said it has filed a registration statement with the Securities and Exchange Commission (SEC) for the proposed offering, which will consist of P15 billion in fixed-rate bonds, with an oversubscription option of up to P5 billion.

Proceeds from the issuance will be used to fund the construction of the Manila-Cavite Expressway (CAVITEX), Cavite-Laguna Expressway (CALAX), and Lapu-Lapu Expressway (LLEX).

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 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.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund’s MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — A.E.O. Jose and A.L. Balinbin