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Metro Pacific Tollways Corp. listed its P20-billion maiden bond issuance on the Philippine Dealing & Exchange Corp
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Proceeds will fund construction and upkeep of CAVITEX, CALAX, and future Lapu-Lapu Expressway (LLEX), plus new investments and general corporate purposes
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Subscription reached 3x the base issue size of P15 billion, marking a strong debut in capital markets
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Bonds were issued in three series: Series A: 5.5443% due 2028, Series B: 5.7879% due 2030, and Series C: 6.3069% due 2035
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PRS Aaa with Stable Outlook assigned by Philippine Ratings Services Corp
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Interest will be paid quarterly, computed on a 30/360 basis
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MPTC president and CEO Gilbert Santa Maria cites strong investor confidence and reiterates commitment to toll road expansion
Metro Pacific Tollways Corp. (MPTC) on Monday listed its maiden P20-billion bond issuance on the Philippine Dealing & Exchange Corp. (PDEx), marking a strongly subscribed debut meant to support the company’s ongoing expressway construction and expansion program.
The bonds, issued in three tranches, were oversubscribed more than three times the P15-billion base offering.
Proceeds will fund the development and upkeep of the Manila-Cavite Expressway (CAVITEX), Cavite-Laguna Expressway (CALAX), the planned Lapu-Lapu Expressway (LLEX), new investments, and general corporate requirements.
“With a subscription of more than 3.0x its base issue size of P15 billion, this marks a highly successful debut public issuance for MPTC in the Philippine capital markets,” MPTC said in a statement.
The issuance consists of Series A 5.5443% three-year bonds due 2028, Series B 5.7879% five-year bonds due 2030, and Series C 6.3069% 10-year bonds due 2035. Philippine Ratings Services Corp. assigned the bonds a PRS Aaa rating with a Stable Outlook. Interest will be paid quarterly, based on a 30/360-day count convention. The bonds are now tradable on PDEx.
BPI Capital Corp. and First Metro Investment Corp. served as joint issue managers. They were joined by BDO Capital, China Bank Capital, PNB Capital, and Security Bank Capital as joint lead underwriters and bookrunners.
“We are grateful for the confidence of our institutional and retail investors,” MPTC president and CEO Gilbert Santa Maria said.
“Building on this trust, we remain committed to supporting the country’s economic growth through the construction of the Manila-Cavite Expressway, Cavite-Laguna Expressway, and accelerating the development of new projects such as the Lapu-Lapu Expressway and others.”
MPTC, the country’s largest toll road developer and operator, manages key expressways including CAVITEX, the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), CALAX, Cebu–Cordova Link Expressway (CCLEX), and the NLEX Connector. The company also holds investments in the ASEAN region and provides mobility and digital transformation services through its subsidiaries.
READ: MPTC gets SEC preliminary nod on planned P15B fixed-rate bonds offer
