Metro Pacific plans bond market debut
Metro Pacific Investments Corp. Is seeking to tap the bond market for the first time to raise about P30 billion to bankroll the massive capital requirements of its tollroad projects.
MPIC chief finance officer David Nicol said the company would issue P10 billion worth of bonds next year to support its P100 billion capital spending program.
The infrastructure holding firm needs about P653 billion to fund various projects set for implementation from 2018 to 2022. The amount could even go up to as much as P 820 billion.
Nicol said the bonds would be registered under the Securities and Exchange Commission’s shelf registration facility to be issued over a three-year period.
“We are talking with the ratings agencies. We have a triple A rating, we didn’t issue bonds but we’ve reached a point when the level of bank debt in the projects that we’re taking on are necessarily stripping the ability of the banking system so it’s about time we started raising funds from the capital market,” Nicol said.