NLEX Corp., a unit of Metro Pacific Tollways Corp. (MPTC), has entered into a 10-year term loan facility deal with the Bank of the Philippine Islands (BPI) amounting to P10 billion, the company announced on Thursday.
Proceeds from the loan will be used to fund ongoing and future projects, as well as partially fund capital expenditures (capex) and refinance other maturing debt, NLEX Corp. said in an e-mailed statement.
“This loan agreement will help us to meet our current obligations with our key stakeholders and finance all repairs and maintenance of the expressway as well as our ongoing and future projects like the Candaba 3rd Viaduct,” MPTC President and Chief Executive Officer Rogelio S. Singson said.
The NLEX Candaba third viaduct project is a new five-kilometer bridge in two existing viaducts between Pampanga and Bulacan.
The project currently has a progress rate of 30% and is expected to be completed by the fourth quarter of 2024.
The project is expected to increase the capacity of the Candaba viaduct to three lanes with inner and outer shoulders in each direction, NLEX Corp. said.
It is being implemented in partnership with Hong Kong-based Leighton Asia and is covered by the NLEX concession deal.
“This project is just one of our company’s major initiatives in solving the growing traffic demand of the north. In partnership with the government, we aim to contribute to elevating the transportation system of the country,” said Luigi L. Bautista, NLEX president and general manager.
For 2024, NLEX is allocating P15 billion for capex to support existing projects and other expansion plans, including the Candaba viaduct project, which has a project cost of P7.89 billion.
MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
