NLEX raising P6b to refinance maturing debt

posted March 05, 2018 at 07:03 pm by  Darwin G. Amojelar

NLEX Corp., formerly Manila North Tollways Corp., plans to raise an initial P6 billion from the sale of fixed rate bonds to refinance maturing debt.

“The initial issuance would be P4 billion to P6 billion for refinancing of maturing debt. It would be issued anytime,” NLEX president and chief executive Rodrigo Franco said. 

NLEX earlier said its board approved the shelf registration, public offer and issuance of fixed rate peso bonds worth P25 billion.

The bonds, which will be registered with the Securities and Exchange Commission, may be issued in one or more tranches within the shelf period under the terms and conditions as may be determined by the government.

The toll road company earlier budgeted P19 billion in capital expenditures this year to build new expressway projects to help solve Metro Manila’s traffic bottlenecks.

It is spending to construct the urban portions of North Luzon Expressway, such as the Harbor Link Segment 10 (including the R10 Section in Dagat-Dagatan, Navotas City) and the NLEx-SLEx Connector Road project. 

Expected to be opened this year, Harbor Link Segment 10 is a 5.7-kilometer elevated expressway traversing NLEx from Smart Connect Interchange and cross over Mac Arthur Highway in Valenzuela City with down ramps along C3/5th Avenue Interchange in Caloocan City. 

When Harbor Link is fully completed, travel between the Ports of Manila and NLEx is expected to take only 10 minutes, providing direct expressway access for commercial vehicles, specially heavy trucks.

Other projects slated this year include the capacity expansion of the 8-kilometer Subic Freeport Expressway and the construction of a new expressway service facility and rest area along Km. 17 southbound of the NLEx.

Parent Metro Pacific Tollways Corp. plans to spend about P122.8 billion in the next five years to build highways and tollroads around the Philippines.