The offer, rated PRS Aaa with a Stable Outlook, consists of up to P15 billion in fixed-rate bonds plus a P5-billion oversubscription option across three-, five-, and ten-year tenors.
The public offer period will run from Nov. 17 to 21, with MPTC set to list the bonds on the Philippine Dealing & Exchange Corp. (PDEx) on Dec. 2 this year.
Entry of new investor still in the cards
This comes as MPTC, owned by infrastructure giant Metro Pacific Investments Corp., delayed the sale of a roughly 20 percent stake in the toll road operator.
Two insiders familiar with the deal, however, said they remain keen on tapping outside equity.
The firm is taking a “dual-track” approach, first via the bond market and then through the sale of shares.
MPTC's over 1,000-km road portfolio
Metro Pacific Tollways Corp. operates 1,095 kilometers of toll roads across the Philippines, Indonesia, and Vietnam, maintaining leadership in the Philippine tollway market by volume, revenue, and length.
In Indonesia, it stands as the largest private toll road operator, with key expressways spanning major growth areas in Java and Sulawesi, alongside operating interests in Vietnam.
As of June this year, MPTC recorded over 2.4 million average daily vehicle entries across its network, including 722,000 vehicles in the Philippines and 1.7 million in Indonesia.
Its Philippine portfolio includes the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), Manila-Cavite Toll Expressway (CAVITEX), Cavite-Laguna Expressway (CALAX), Cebu-Cordova Link Expressway (CCLEX), and the NLEX Connector Road.
In Indonesia, it manages 679 kilometers of operational expressways through PT Metro Pacific Tollways Indonesia Services (MPTIS) and PT Margautama Nusantara (MUN), covering major corridors in Jakarta and Makassar.
Bond sale proceeds to fund expansion
The net proceeds from the bond offer, amounting to up to P19.7 billion, will primarily fund key expressway projects including the CAVITEX C5 South Link Segment 3B, CAVITEX–CALAX Link, CALAX Sub-sections 1 to 3, and the Lapu-Lapu Expressway.
It is also looking at the partial refinancing of bridge facilities and general corporate purposes, with disbursements scheduled between December 2025 and the first half of 2026.
As of 30 June 2025, Metro Pacific Tollways Corp. carried P207.9 billion in interest-bearing loans with a stable debt-to-equity ratio of three times.
BPI Capital Corp. and First Metro Investment Corp. serve as joint issue managers, while BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital & Investment Corp., and Security Bank Capital Investment Corp. act as joint lead underwriters and joint bookrunners for the offer.
Turnaround expected at the helm
Last month, MPTC tapped Gilbert Santa Maria as president and CEO.
Santa Maria previously led Philippine Airlines during its Chapter 11 bankruptcy and successful recovery.
“This bond issuance aims to bolster MPTC’s fiscal position while ensuring the capital adequacy to support continued infrastructure investment and operational excellence,” Santa Maria said in a statement on Monday.
—Edited by Miguel R. Camus
