Metro Pacific Tollways Corp. (MPTC) plans to offer up to P15 billion in fixed-rate bonds to the public, with an oversubscription option for another P5 billion, bringing the total potential issuance to P20 billion.
The company said it secured preemptive approval from the Securities and Exchange Commission (SEC) for the offering.
The net proceeds from the bond offering will partially finance continuing investments in the construction and upkeep of the Manila Cavite Expressway (CAVITEX), Cavite Laguna Expressway (CALAX), and Lapu Lapu Expressway (LLEX) roadway infrastructure, partially refinance bridge facilities and fund other general corporate purposes, it said.
“This maiden bond offering strengthens MPTC’s liquidity and diversifies its sources of capital,” said MPTC president and chief executive Gilbert Santa Maria.
“The proceeds will fund our ongoing investments and expansion projects, consistent with our mission to build essential infrastructure that supports nation-building and economic progress,” he said.
The bonds will be issued in up to three series with tenors of 3 years, 5 years or 10 years. They are intended to be issued at par, with interest calculated on a 30/360-day count basis and paid quarterly in arrears.
Philippine Ratings Services Corp. assigned the bonds a PRS Aaa rating with a stable outlook on Sept. 26, 2025.
The target public offer period is scheduled to run from Nov. 17 to 21, 2025.
MPTC plans to issue and list the bonds on the Philippine Dealing & Exchange Corp. on Dec. 2, 2025.
The offer is subject to MPTC’s satisfaction of all applicable regulatory requirements and receipt of a permit to sell the bonds from the SEC.
BPI Capital Corp. and First Metro Investment Corp. are the joint issue managers, and together with BDO Capital & Investment Corporation, China Bank Capital Corp., PNB Capital and Investment Corp. and Security Bank Capital Investment Corp., are the joint lead underwriters and joint bookrunners for the offer.
MPTC is the Philippines’ largest toll road developer and operator, managing a portfolio of expressways including CAVITEX, the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), CALAX, Cebu-Cordova Link Expressway (CCLEX) and the NLEX Connector.
