Metro Pacific Tollways Corporation (MPTC), the tollway unit of Metro Pacific Investments Corp., plans to raise up to P20 billion through the sale of fixed-rate bonds to fund existing and new expressway projects and to refinance debt.
The company filed a registration statement with the Securities and Exchange Commission for a public offer of up to P15 billion in fixed-rate bonds, with an oversubscription option for another P5 billion. The bonds will be issued in up to three series with tenors of three years, five years, and/or ten years.
The bonds are rated PRS Aaa with a stable outlook by Philippine Ratings Services Corp., indicating the highest quality with minimal credit risk.
MPTC intends to use the net proceeds to finance the construction and upkeep of the Manila Cavite Expressway (CAVITEX), Cavite Laguna Expressway (CALAX) and Lapu Lapu Expressway (LLEX), refinance bridge loan facilities and for other general corporate purposes.
“This bond issuance aims to bolster MPTC’s fiscal position while ensuring the capital adequacy to support continued infrastructure investment and operational excellence,” said MPTC president and chief executive Gilbert Santa Maria.
The bonds are intended to be issued at par, and interest will be paid quarterly in arrears, calculated on a 30/360-day count basis.
The target public offer period is scheduled to run from Nov. 17, 2025 to Nov. 21, 2025. MPTC plans to issue and list the bonds on the Philippine Dealing and Exchange Corp. (PDEx) on Dec. 2, 2025.
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 also manages other expressways including the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), Cebu-Cordova Link Expressway (CCLEX) and the NLEX Connector. The company also holds investments in the ASEAN region.
