Metro Pacific Tollways Corporation’s (MPTC) bond offer of up to P20 billion has received the go signal from the Securities and Exchange Commission (SEC).

The SEC en banc approved the bond offer during its meeting on Wednesday, paving the way for MPTC’s fixed rate bond sale, which has a base of P15 billion and oversubscription option of up to P5 billion, according to a news release Friday.

Citing MPTC's regulatory filing , SEC said the bond offer is set Nov. 17 to 21, and listing on the Philippine Dealing & Exchange Corp. is on Dec. 2.

The securities issuance include a three-year series A bonds, five-year series B bonds and 10-year series C bonds. They will be offered at face value.

“Assuming the oversubscription is fully exercised, the company is expected to net around P19.73 billion from the offer, which will be used to partially fund the financing of equity/advances for the company’s tollway projects, as well as debt refinancing, and other general corporate purposes,” the SEC said.

BPI Capital Corporation and First Metro Investment Corporation have been tapped as joint issue managers. They will also serve as joint lead underwriters and joint bookrunners, along with BDO Capital & Investments Corporation, China Bank Capital Corporation, PNB Capital and Investment Corporation, and Security Bank Capital Investment Corporation.

MPTC, under the Manny V. Pangilinan group, is the developer and operator of the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Toll Expressway and Cavite-Laguna Expressway, among others, but also has businesses overseas. 

MPTC PHOTO