MPTC secures SEC nod for P15-B fixed-rate bond offering

Insider Spotlight

• SEC grants pre-effective approval for MPTC’s P15-B bond sale
• PRS Aaa rating with a stable outlook from PhilRatings
• Proceeds to fund major expressway projects and refinancing
• Public offer set for Nov. 17–21, 2025; listing on Dec. 2
  
  

Metro Pacific Tollways Corp. (MPTC) has received pre-effective approval from the Securities and Exchange Commission (SEC) for its planned P15-billion fixed-rate bond offering, with an additional P5-billion oversubscription option.

The bonds, to be issued in up to three tranches with tenors of  three, five, and 10 years, mark MPTC’s maiden bond offering as the tollways unit of Metro Pacific Investments Corp. (MPIC) further expands its infrastructure portfolio.

Details of the offer

The bonds will be issued at par, carrying interest based on a 30/360-day count, payable quarterly in arrears.

Philippine Rating Services Corp. (PhilRatings) has assigned the securities its highest credit grade of PRS Aaa with a stable outlook, signaling the company’s robust financial position and low default risk.

Gilbert Santa Maria

MPTC president and CEO 

The offer period will run from Nov. 17 to 21, 2025, with the listing and issuance set for Dec. 2, 2025, on the Philippine Dealing & Exchange Corp. (PDEx).

Completion of the offer remains subject to final SEC approval and fulfillment of all regulatory requirements.

Where the funds will go

MPTC said proceeds from the issuance will be used to finance the construction, maintenance, and expansion of key toll road projects, including the Manila-Cavite Expressway (CAVITEX), Cavite-Laguna Expressway (CALAX), and Lapu-Lapu Expressway (LLEX).

Funds will also refinance bridge facilities and cover general corporate purposes, aligning with MPTC’s capital investment roadmap.

“This maiden bond offering strengthens MPTC’s liquidity and diversifies its sources of capital,” said MPTC president and CEO Gilbert Santa Maria in a disclosure. 

“The proceeds will fund our ongoing investments and expansion projects, consistent with our mission to build essential infrastructure that supports nation-building and economic progress.”

The bigger picture

BPI Capital Corp. and First Metro Investment Corp. serve as joint issue managers, while BDO Capital, China Bank Capital, PNB Capital, and Security Bank Capital act as joint lead underwriters and bookrunners.

The offering underscores MPTC’s continuing push to tap the capital markets as it backs the country’s drive for sustainable transport and economic growth through infrastructure. —Ramon C. Nocon | Ed: Corrie S. Narisma