METRO Pacific Tollways Corp. (MPTC), developer of major toll roads including the Lapu-Lapu Expressway (LLEX) in Cebu, has filed with the Securities and Exchange Commission for a bond offering of up to P15 billion, with an oversubscription option of P5 billion.
The fixed-rate bonds will be issued in up to three tranches with tenors of three, five and 10 years. The offer period will run from Nov. 17 to 21, 2025, with listing on the Philippine Dealing & Exchange Corp. set for Dec. 2.
Philippine Rating Services Corp. gave the bonds a PRS Aaa (Stable) rating, denoting the highest credit quality with minimal default risk.
Proceeds will fund ongoing projects such as the Manila-Cavite Expressway, Cavite-Laguna Expressway and LLEX, as well as refinance bridge loans and cover general corporate purposes.
“This bond issuance aims to bolster MPTC’s fiscal position while ensuring capital adequacy to support continued infrastructure investment,” MPTC president and chief executive officer Gilbert Santa Maria said in a statement.
BPI Capital Corp. and First Metro Investment Corp. will act as joint issue managers, lead underwriters and bookrunners, together with BDO Capital, China Bank Capital, PNB Capital and Security Bank Capital. MPTC is the tollways arm of infrastructure conglomerate Metro Pacific Investments Corp. / KOC