The tollway unit of Metro Pacific Investments Corp. is raising P47 billion in the second half to finance toll road projects in Cebu and south of Manila.
Metro Pacific Tollways Corp. president and chief executive Rodrigo Franco said the company was in talks with local banks to partially finance the Cavite Laguna Expressway, Cebu Cordova Bridge project and C5 Link Expressway.
Franco said MPTC planned to borrow P20 billion for Calax, P20 billion for Cebu Cordova Bridge and P7 billion for C5 Link.
Franco said the company tapped Hong Kong and Shanghai Banking Corp. as adviser and arranger for Calax, and Maybank as arranger for Cebu Cordova Bridge.
MPCala Holdings Inc. earlier tapped DMCI Consunj Inc. to construct the Laguna side of Calax and Leighton Holdings of Australia to build the Cavite side.
Construction is expected to start in the third quarter of the year and completion is seen by 2019.
Operations and maintenance would be from 2020 until 2050.
Calax involves the financing, design, construction, operation and maintenance of a four-lane, 47-kilometer closed-system toll expressway connecting Cavitex and South Luzon Expressway.
MPTC is also constructing Cavitex C5 South Expressway, linking C5 and Merville, Parañaque by way of a flyover, while the second phase will connect Merville and Cavitex.
The company is also building the P27.9-billion Cebu-Cordova Bridge project, a 8.25-km bridge project that will connect Cebu City to Mactan Island via Cordova. The project is expected to be completed by 2020.