MVP Group to tap P47B borrowings for tollroad projects
Metro Pacific Investments Corp. is in talks with banks to borrow about P47 billion to fund tollroad projects.
Of the P47 billion, P20 billion will go to the construction of the Cavite Laguna Expressway. Another P20 billion will go ro the Cebu Cordova bridge while P7 billion will be spent for the C5 Link Expressway.
Rodrigo Franco, president and CEO of Metro Pacific Tollways Corp. said the company has tapped Hong Kong and Shanghai Banking Corp. as adviser and arranger for Calax, and Maybank as arranger for the Cebu Cordova bridge.
The P35.4 billion Calax involves the construction and operation of a four-lane, 47-kilometer closed-system toll expressway connecting Cavitex and South Luzon Expressway. It will start from Cavitex in Kawit, Cavite and end at the SLEx-Mamplasan Interchange in Biñan, Laguna.
The 8.25 kilometer Cordova bridge, on the other hand, will serve as an alternate route in going to and from the Mactan Cebu International Airport.