MPCala Holdings Inc., a unit of Metro Pacific Tollways Corp., said it expects to close a P25.3-billion loan from six local local banks by next month to fund the Cavite-Laguna Expressway Project.
“We are anticipating to close the financing by next month. That’s around P25.3 billion from local banks, around six of them,” MPCala president and chief executive Luigi Bautista said.
Bautista said the company would use the loan proceeds to finance the construction of both the Laguna and Cavite sides of the project.
“… part of the Laguna side… we’re already using equity, as you know we have started already,” he added.
MPCala earlier tapped Leighton Holdings of Australia to build the Cavite side and local contractor DMCI Consunji Inc. to construct the Laguna side.
Calax, one of the largest public-private partnership projects, involves the financing, design, construction, operation and maintenance of a four-lane, 47-kilometer closed-system toll expressway connecting Cavitex (Manila–Cavite Expressway) and South Luzon Expressway.
The P34.5-billion expressway will start from Cavitex in Kawit, Cavite and end at the SLEx-Mamplasan Interchange in Biñan, Laguna.
Construction is expected to be completed by 2020, while operations and maintenance are set from 2020 to 2050.
MPCala also secured an original proponent status from the Department of Public Works and Highways to build the P22.43-billion Cavite-Batangas Expressway.
CTBex is a 50-kilometer expressway that will connect Cavite and Batangas, with a spur road to Tagaytay City and ultimately terminating in Nasugbu, with another spur road to Tuy, Batangas.
The CTBex project is expected to start construction by 2020 and completed by the first half of 2022.
Once completed, the project would cut travel time from Sta. Rosa, Laguna to Nasugbu, Batangas from 2.5 hours to just an hour.
The project will start at the Silang East Interchange of Cavite-Laguna Expressway. The alignment will traverse the towns of Silang, Amadeo, Mendez and Alfonso in Cavite, Tagaytay City and Nasugbu in Batangas.
MPTC is constructing the P27.9-billion Cebu-Cordova Link Expressway project. The 8.25-km bridge project, set to be completed by 2020, will connect Cebu City to Mactan Island via Cordova.