Metro Pacific Tollways Corp., or MPTC, the tollways arm of Metro Pacific Investment Corp., or MPIC, is planning to raise at least P45 billion next year to stabilize its debt level before its planned maiden offering in 2025.

MPTC president and CEO Rogelio Singson confirmed in an interview that the company is preparing to launch a new fundraising activity to generate fresh funding that would help pay off debt and bankroll network expansion.

"In what form, I don't know but we need to raise (funds to fill) the gap in our debt level before the initial public offering, or IPO. Both local and foreign banks, we are already talking to them," Singson told reporters.

"If you are to compute our debt, it's about P150 billion so we want to raise at least 30 percent so that's around P40 to P45 billion," he added, noting that MPTC has the highest debt in MPIC's network.

2025 fixed for float

MPTC is set to launch its initial public offering in 2025, about two years behind the planned schedule this year, amid an ongoing priority reassessment following its historic joint venture with San Miguel Corp. or SMC.

"As far as MPTC is concerned, we're ready to do an IPO after the delisting of MPIC but because of this merger, it might be delayed because we have to find out whether we should be merging first or conduct the IPO," Singson said.

"(The IPO) would be in 2025 because we need to assess, engage a third party assessor, financial advisor so it would be tedious," he added.

In August, MPTC and SMC signed an agreement to jointly construct the Cavite-Batangas Expressway and the Nasugbu-Bauan Expressway. The combined cost of the two projects is P72 billion.

MPTC holds the concession rights for the Cavite-Laguna Expressway, Cavite Expressway, North Luzon Expressway, NLEX Connector Road, Subic-Clark-Tarlac Expressway and Cebu-Cordova Link Expressway in Cebu.