MPTC raising funds for Cavitex, Lapu-Lapu tollway

Metro Pacific Tollways Corp. (MPTC) got a step closer to completing an ongoing major project and starting a new one as regulators gave the green light for its planned bond offer.

The tollway operator said over the weekend the Securities and Exchange Commission (SEC) approved MPTC’s public offering and sale of P15 billion in bonds, with an oversubscription option of up to P5.

The net proceeds from the issuance will be used to partially finance the construction and maintenance of Manila-Cavite Expressway (Cavitex), Cavite-Laguna Expressway and Lapu-Lapu Expressway roadway infrastructure. Portions of the funds to be raised are also intended for refinancing bridge facilities, as well as funding other general corporate purposes.

The bonds are to be issued in tenors of three, five and 10 years.

The three-year fixed-rate bonds due 2028 will have 5.5 percent interest rate. The five-year bonds will have a 5.8 percent and the 10-year bonds will have 6.3 percent.

Top rating

The Philippine Ratings Services Corp. has given the bonds a PRS Aaa rating with stable outlook.

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BPI Capital Corp. and First Metro Investment Corp. will serve as joint issue managers along with BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp. and Security Bank Capital Investment Corp. as joint lead underwriters and bookrunners.

The offer period runs from Nov. 17 to Nov. 21.

The bonds are expected to be listed on the Philippine Dealing & Exchange Corp. on Dec. 2, 2025. This is “subject to satisfaction by MPTC of all applicable regulatory requirements.”