The Market Monitor Minding the Nation's Business
The Securities and Exchange Commission (SEC) has approved Metro Pacific Tollways Corporation’s (MPTC) bond offer of up to ₱20 billion, clearing the way for the company’s fixed-rate bond sale.
The SEC en banc granted approval during its Wednesday meeting, allowing MPTC to offer bonds with a base of ₱15 billion and an oversubscription option of up to ₱5 billion, according to a Friday news release. The bond sale is scheduled from November 17 to 21, with listing on the Philippine Dealing & Exchange Corp. set for December 2.
The issuance includes three-year Series A bonds, five-year Series B bonds, and 10-year Series C bonds, all offered at face value. Assuming full exercise of the oversubscription option, MPTC is expected to raise around ₱19.73 billion, which will partly fund equity and advances for tollway projects, debt refinancing, and other corporate purposes.
BPI Capital Corporation and First Metro Investment Corporation will serve as joint issue managers, lead underwriters, and bookrunners, together with BDO Capital & Investments Corporation, China Bank Capital Corporation, PNB Capital and Investment Corporation, and Security Bank Capital Investment Corporation.
MPTC, part of the Manny V. Pangilinan group, operates major expressways, including the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Toll Expressway, and Cavite-Laguna Expressway, and also maintains operations overseas.