MPTC offering maiden bonds

Tollway operator Metro Pacific Tollways Corp. (MPTC) is raising as much as P20 billion from its maiden issuance of bonds to provide additional funding for the ongoing construction of several major projects.

- By DEXTER BARRO II

MPTC, a subsidiary of Manuel V. Pangilinan-led Metro Pacific Investments Corp. (MPIC), said it received pre-effective approval from the Securities and Exchange Commission (SEC) for its proposed bond offering.

The company is offering P15 billion in fixed-rate bonds, with an oversubscription option of up to P5 billion, to the public.

The bonds will be issued in up to three series with tenors of three, five, and 10 years.

The bonds will be issued at par, with interest calculated on a 30or 360-day basis and paid quarterly in arrears.

Philippine Rating Services Corp. (PhilRatings) has rated the bonds with the highest issue credit rating of PRS Aaa, with a stable outlook.