MPIC funds capex with P20 billion loan
MANILA, Philippines — Metro Pacific Investments Corp. (MPIC), the infrastructure and tollways conglomerate chaired by tycoon Manuel V. Pangilinan, has signed a P20 billion 10-year syndicated term loan facility.
The loan will fund the company’s capital expenditure requirements.
“Proceeds of said term loan facility will be used by MPIC to fund capital expenditures and for other general corporate purposes.
MPIC engaged BDO Capital & Investment Corp. and BPI Capital Corp. as arrangers and book runners.
The conglomerate is targeting a core net income of about P15 billion this year, up 6.4 percent year on year.
In the first nine months, MPIC’s consolidated net income rose 12 percent to P12.5 billion, while non-recurring income amounted to P297 million versus non-recurring expenses of P202 million last year. This was mainly driven by foreign exchange gains at Manila Electric Co.
Consolidated core net income went up eight percent to P12.2 billion.
MPIC, one of the country’s biggest conglomerates, has investments in tollways and infrastructure, water utility, power, logistics and hospitals.
Tariff issues surrounding water subsidiary Maynilad remain a challenge for the company and can be a drag on earnings in the near term.
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