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NLEX Corp. entered into a P10-billion, 10-year loan agreement with China Banking Corp.
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The loan will fund NLEX Corp.’s capital expenditure program and refinance its maturing debt
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Portions of the proceeds will be used for the remaining funding requirement of the Candaba 3rd Viaduct project, eyed for completion before the Christmas holiday rush this year
NLEX Corp. has entered into a P10-billion 10-year term loan agreement with China Banking Corp. (Chinabank) to support its expansion and enhancement projects.
“The loan proceeds will fund NLEX Corporation’s capital expenditure program and refinance its maturing debt,” Metro Pacific Tollways Corp. (MPTC) president and chief executive officer Rogelio Singson said in a statement.
“This will help us accomplish our targets – to provide better infrastructure and improve the travel experience of our motorists,” Singson added. NLEX Corp. is a subsidiary of MPTC.
Portions of the proceeds will also be used for the remaining funding requirement of the Candaba 3rd Viaduct project, a new five-kilometer (km) bridge in the middle of the two existing viaducts between Pampanga and Bulacan.
Now 95% complete, NLEX Corp. said it aims to finish the project before the Christmas holiday rush.
Currently, the areas covering Pulilan to some parts of Apalit are now being utilized by Manila-bound motorists, and only 1.2 km of the bridge remains under construction. Once completed, NLEX Corp. said the Candaba 3rd Viaduct will provide safer, faster, and more convenient travel to motorists.
Singson said: “The Candaba 3rd Viaduct also aims to boost socio-economic growth as it facilitates more efficient transport of goods and services. We have always been committed to seeking innovative ways to continuously improve our services, because the end goal is to contribute to our country’s economy and help improve the quality of life of every Filipino.”
READ: NLEX Candaba 3rd viaduct project seen to meet November completion target
Aside from the loan agreement with Chinabank, NLEX Corp. last year also entered into a 10-year, P10-billion loan facility agreement with the Bank of the Philippine Islands to also fund ongoing and future projects.
NLEX Corp. is the concessionaire of North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway, and NLEX Connector.
