Metro Pacific Tollways Corp. (MPTC) on Tuesday listed its first-ever bond issuance on the Philippine Dealing & Exchange Corp. (PDEx), raising P20 billion for expressway projects and new investments.
The offer was more than three times oversubscribed from its P15-billion base size, MPTC said.
The issuance consisted of three fixed-rate tranches: a 3-year Series A at 5.5443 percent due 2028, a 5-year Series B at 5.7879 percent due 2030, and a 10-year Series C at 6.3069 percent due 2035.
“The strong take-up was driven by the confidence of our institutional and retail investors,” MPTC president and CEO Gilbert Santa Maria said.
Santa Maria said the company remains committed to supporting economic growth through projects such as CAVITEX, CALAX, and the planned Lapu-Lapu Expressway (LLEX).
Proceeds will finance ongoing work on CAVITEX and CALAX, the development of LLEX, and other corporate requirements.
Philippine Ratings Services Corp. assigned the bonds a PRS Aaa rating with a stable outlook.
The securities are now tradable on PDEx, with interest paid quarterly on a 30/360 basis.
BPI Capital Corp. and First Metro Investment Corp. acted as joint issue managers for the offering.
BDO Capital, China Bank Capital, PNB Capital, and Security Bank Capital served as joint lead underwriters and bookrunners.