THE Manila North Tollways Corp. (MNTC), a unit of Metro Pacific Investments Corp. (MPIC), said it has secured a P5 billion loan from the Philippine National Bank (PNB) to fund its capital expenditures (capex) and refinancing requirements in 2016.
“Please be informed that Manila North Tollways Corp., a subsidiary of Metro Pacific Investments Corporation, has entered into an agreement with Philippine National Bank for a 10-year fixed-rate term loan facility amounting to P5 billion,” MNTC’s disclosure to the Philippine Stock Exchange (PSE) read.
“The loan will fund the capex and refinancing,” MNTC chief finance officer Christopher Lizo said in a text message.
MNTC is planning to spend as much as P15 billion in 2016.
MNTC’s parent MPIC holds interests in water utilities, bulk water service, toll roads, power distribution, healthcare, and rail services.
MPIC’s units include Maynilad Water Holding Co. Inc., Maynilad Water Services Inc., Philippine Hydro Inc., and MetroPac Water Investments Corp. for its water business; Metro Pacific Tollways Corp., Manila North Tollways Corp., Cavitex Infrastructure Corp., Tollways Management Corp., and Don Muang Tollway Public Ltd. for its toll road business; and Beacon Electric Asset Holdings Inc. and Manila Electric Co. for its power business.
Led by Manuel V. Pangilinan as chairman, the holding firm also has interests in healthcare through its five hospitals in Metro Manila and one each in Central Luzon, Bacolod City and Davao City; and rail through the operations and maintenance of the Light Rail Transit (LRT) and construction of the extension by Light Rail Manila Corp. and ticketing services by Automated Fare Collection Services Inc.