Manila: The Metro Pacific Tollways Corporation's (MPTC) bond offer of up to PHP20 billion has received approval from the Securities and Exchange Commission (SEC). The SEC en banc gave the green light to the bond offer during its meeting on Wednesday, facilitating MPTC's fixed rate bond sale, which includes a base of PHP15 billion and an oversubscription option of up to PHP5 billion.

According to Philippines News Agency, the bond offer is scheduled for November 17 to 21, with a listing on the Philippine Dealing and Exchange Corp. set for December 2. MPTC's regulatory filing indicates that the securities issuance will include three-year series A bonds, five-year series B bonds, and ten-year series C bonds, all offered at face value.

The SEC mentioned that if the oversubscription is fully exercised, the company expects to net approximately PHP19.73 billion from the offer. These funds will be used for financing equity/advances for the company's tollway projects, debt refinancing, and other general corporate purposes.

BPI Capital Corporation and First Metro Investment Corporation have been appointed as joint issue managers. They will also act as joint lead underwriters and joint bookrunners, alongside BDO Capital and Investments Corporation, China Bank Capital Corporation, PNB Capital and Investment Corporation, and Security Bank Capital Investment Corporation.

MPTC, part of the Manny V. Pangilinan group, develops and operates key infrastructure such as the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Manila-Cavite Toll Expressway, and Cavite-Laguna Expressway, among others, while also having international ventures.