MNTC taps PNB for P5-B, 10-year loan

MANILA, Philippines - A unit of Metro Pacific Investments Corp. (MPIC) is borrowing P5 billion from the Philippine National Bank (PNB) to fund its capital expenditures.

In a disclosure to the Philippine Stock Exchange yesterday, MPIC said Manila North Tollways Corp. (MNTC) has entered into an agreement with PNB for a 10-year fixed-rate term loan facility worth P5 billion.

“The proceeds of the loan will be used by MNTC to finance its capital expenditures and for other general corporate purposes,” MPIC said.

MNTC is the tollways arm of MPIC.

MNTC operates the North Luzon Expressway (NLEX) and Subic-Clark-Tarlac Expressway (SCTEX).

The company is currently working on the Segment 10 of the NLEX Harbor Link.

Segment 10 or the second phase of the NLEX Harbor Link, covers the construction of the P10.5 billion 5.76-kilometer road from MacArthur Highway in Valenzuela City until C-3 in Caloocan City.

Construction of Segment 10 started in May last year and is targeted to be completed by December next year if there would be complete delivery of right of way.

NLEX Harbor Link’s first phase which covers the P1.59 billion construction of the 2.42-km Segment 9 linking the 86.7-km NLEX to the MacArthur Highway in Valenzuela City meanwhile, was completed in March this year.