Metro Pacific Tollways Corp. (MPTC), the toll road unit of infrastructure conglomerate Metro Pacific Investments Corp., has filed a registration statement with the Securities and Exchange Commission (SEC) for a proposed public offering of up to P15 billion in fixed-rate bonds, with an additional P5 billion available through an oversubscription option.

The company said on Monday that the offer, which may be issued in up to three series with tenors of three, five, and 10 years, will help fund its expansion push.

MPTC’s fiscal position

“This bond issuance aims to bolster MPTC’s fiscal position while ensuring the capital adequacy to support continued infrastructure investment and operational excellence,” MPTC president and chief executive officer Gilbert F. Santa Maria said.

The bonds will be offered at par, with interest calculated on a 30/360-day count basis and paid quarterly in arrears.

The public offer period is set for 17 to 21 November, with listing on the Philippine Dealing & Exchange Corp. (PDEx) targeted for December 2.

Minimal credit risk

Philippine Rating Services Corp. (PhilRatings) assigned the bonds a PRS Aaa rating with a Stable Outlook on 26 September due to minimal credit risk.

Metro Pacific Tollways Corp. (MPTC), the toll road unit of infrastructure conglomerate Metro Pacific Investments Corp., has filed a registration statement with the Securities and Exchange Commission (SEC) for a proposed public offering of up to P15 billion in fixed-rate bonds, with an additional P5 billion available through an oversubscription option.

The company said on Monday that the offer, which may be issued in up to three series with tenors of three, five, and 10 years, will help fund its expansion push.

MPTC’s fiscal position

“This bond issuance aims to bolster MPTC’s fiscal position while ensuring the capital adequacy to support continued infrastructure investment and operational excellence,” MPTC president and chief executive officer Gilbert F. Santa Maria said.

The bonds will be offered at par, with interest calculated on a 30/360-day count basis and paid quarterly in arrears.

The public offer period is set for 17 to 21 November, with listing on the Philippine Dealing & Exchange Corp. (PDEx) targeted for 2 December.

Minimal credit risk

Philippine Rating Services Corp. (PhilRatings) assigned the bonds a PRS Aaa rating with a Stable Outlook on 26 September due to minimal credit risk.

Specifically, proceeds from the issuance will help finance the construction and upkeep of the Manila-Cavite Expressway, Cavite-Laguna Expressway, and Lapu-Lapu Expressway, as well as refinance bridge loan facilities and fund other general corporate purposes.

BPI Capital Corp. and First Metro Investment Corp. are the joint issue managers, while they, together with BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital & Investment Corp., and Security Bank Capital Investment Corp., will serve as joint lead underwriters and joint bookrunners for the offer.