MPIC inks P20-B 10-year syndicated term loan
Infrastructure giant Metro Pacific Investments Corp. is tapping a P20-billion loan facility to finance its expansion plans.
In a stock exchange filing on Monday, Metro Pacific said it had signed a P20-billion 10-year syndicated term loan. The transaction was arranged by BDO Capital & Investment Corp. and BPI Capital Corp.
“Proceeds of said term loan facility will be used by MPIC to fund capital expenditures and for other general corporate purposes,” Metro Pacific said.
The company, whose assets span power and water distribution, tollroads, hospitals and railways, earlier announced that it could spend up to P70 billion this year on capital expenditures.
This was part of a larger goal to spend about P650 billion between 2018 and 2022.
Metro Pacific’s main assets include Manila Electric Co., the country’s largest electricity retailer, and Maynilad Water Services, which serves Metro Manila’s West Zone.
Its tollroad subsidiary operates the North Luzon Expressway, Cavite Expressway and Subic Clark Tarlac Expressway. Metro Pacific is currently expanding its tollroad pipeline in the Philippines and overseas. It earlier announced a plan to spend P122.8 billion to build new expressways from 2019 to 2021.
Metro Pacific is also one of the largest operators of private hospitals, which include Makati Medical Center and Davao Doctors Hospital. For railways, it is part of a venture with Ayala Corp. to operate the Light Rail Transit Line 1 in Metro Manila.
The company is also a member of the Naia Consortium, which had offered to upgrade and operate Manila’s Ninoy Aquino International Airport via a P102-billion proposal.
From January to September, Metro Pacific posted a core profit of P12.2 billion, up 8 percent. Earnings were mainly driven by its power, tollroads and water businesses.
