Cebu Cordova Link Expressway Corp., an indirect subsidiary of Metro Pacific Investments Corp., has borrowed P19 billion from several banks to finance the construction of the Cebu-Cordova Link Expressway Project.
MPIC told the stock exchange that CCLEC signed a loan agreement covering a P19-billion, 15-year term loan facility provided by a number of banks.
“The loan is secured by a pledge over CCLEC shares and a security interest over certain assets of CCLEC,” MPIC said.
“Proceeds of the loan will be used by CCLEC to fund the construction costs and other project costs of its toll road facility linking Cebu and Cordova with a cable-stayed bridge as part of the facility,” it added.
MPIC said the toll road facility would use an open system once it starts commercial operations sometime in 2021.
CCLEC earlier awarded the P22.6-billion design-and-build contract to Cebu Link Joint Venture, which is composed of Spain-based Acciona Construccion SA, First Balfour Inc. of the Lopez group and D.M. Consunji Inc. for the CCLEX project.
CCLEX is an 8.5-kilometer toll road that will connect mainland Cebu from the Cebu South Coastal Road to Mactan Circumferential Road in Barangay Pilipog, Cordova.
The project will have two lanes in each direction and will feature the main navigation span bridge, along with viaduct approach bridges, a causeway, roadway and toll facilities.
The span of the bridge allows for shipping traffic and the link is expected to serve at least 40,000 vehicles daily. It will give Cordova direct access to Cebu City and is envisioned to decongest the traffic in the two existing bridges between Mactan and Cebu.
The main bridge of CCLEX will be a single pylon cable-stayed bridge with a span of 390 meters, while the Cordova viaduct will connect the main bridge and toll plaza facilities.
The toll plaza will feature eight lanes for each direction as well as several toll facilities.