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.