MPTC eyes P47-B borrowings

MANILA, Philippines -  Metro Pacific Investments Corp.’s (MPIC) tollway arm plans to borrow this year around P47 billion to fund projects such as the Cavite-Laguna Expressway (CALAx), Cebu Cordova Link Expressway, and the Manila-Cavite Toll Expressway (Cavitex) C-5 South Link.

Metro Pacific Tollways Corp. (MPTC) president and chief executive officer Rodrigo Franco told reporters the company would be tapping loans from banks to fund the projects.

For the CALAx, he said the company is looking to borrow P20 billion at a term of 15 years.

“We don’t need the funds right away but maybe in about two months’ time, it will close,” he said.

MPTC has tapped HSBC as the arranger for the bank loan for CALAx.

The P55.9 billion CALAx covers the construction, as well as operation and maintenance of a four-lane 45-kilometer (km) expressway from Cavitex in Kawit, Cavite until the South Luzon Expressway (SLEX)-Mamplasan interchange in Biñan, Laguna.

As for the Cebu-Cordova Link Expressway, Franco said MPTC is also looking to tap around P20 billion worth of loans to fund the project.

MPTC may start the fund raising for the Cebu-Cordova Link Expressway either next month or in July when the project is set to start, said Franco.

Maybank is serving as the arranger for the loan for the Cebu-Cordova Link Expressway.

The P27.9 billion Cebu-Cordova Link Expressway which will cover an 8.25-km toll bridge, will connect Cebu City to Mactan Island via Cordova.

Franco said MPTC would likewise need to secure a bank loan worth about P7 billion for Cavitex C-5 South Link.

The 7.7-km C-5 South Link Expressway will connect the R-1 in Parañaque to C-5 to Cavitex.

Franco said MPTC may also need to raise funds by borrowing for the North Luzon Expressway (NLEX) – SLEX Connector Road, but the amount has yet to be finalized.

Construction for the P23.3 billion NLEX - SLEX Connector Road is slated to start in the first quarter of next year.

The eight-km, four lane NLEX-SLEX Connector Road is an elevated expressway over the right of way of the Philippine National Railways starting at the junction of the NLEX Segment 10 at C-3 Road/5th Ave. in Caloocan City, and connecting to the SLEX through the Metro Manila Skyway Stage 3 Project in the City of Manila.

At present, MPIC operates the NLEX and Subic-Clark-Tarlac Expressway through NLEX Corp., as well as the Cavitex through Cavitex Infrastructure Corp.

Aside from tollways, MPIC has other businesses such as rails, water, power, hospitals and logistics.