Advertisement

NLEX Corp. raises P20b from 7 banks

NLEX Corp. said over the weekend it borrowed P20 billion from seven financial institutions to refinance maturing debt and partly finance capital expenditures.

The operator of North Luzon Expressway and Subic-Clark Tarlac Expressway said it signed a P20-billion corporate notes facility agreement with China Banking Corp., Development Bank of the Philippines, KEB Hana Bank Manila Branch, Land Bank of the Philippines, Sun Life of Canada (Philippines) Inc., The Insular Life Assurance Company Ltd. and United Coconut Planters Bank in their capacity as note holders.

“The proceeds of the loan will be used by NLEX Corp. to refinance its maturing loan obligations and to partially finance the NLEX Connector Road Project and other capital expenditures of NLEX,” the company said.

Targeted for completion in 2021, the P23-billion NLEX Connector Road aims to reduce travel time from NLEX to South Luzon Expressway from two hours to about 20 minutes and provide improved accessibility for cargo trucks bound for the Manila Ports (North and South Harbor) and the international airports.

Topics: NLEX Corp. , capital expenditures , North Luzon Expressway , Subic-Clark Tarlac Expressway
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementGMA-Working Pillars of the House
Advertisement