The NLEX Corporation announced that it has signed a 10-year term loan facility agreement worth P10 billion with the Bank of the Philippine Islands (BPI) in order to finance its projects for its expressways.
In a statement, NLEX Corp. stated that the P10 billion will be used to “partially fund its capital expenditures and refinance its maturing debt.”
Specifically, the loan agreement will be able to help the firm fund its repair and maintenance activities for its expressways, along with ongoing and future projects such as the Candaba 3rd Viaduct, according to Metro Pacific Tollways Corporation (MPTC) President and CEO Rogelio S. Singson.
The NLEX Candaba 3rd Viaduct project is a five-kilometer bridge to be placed between the viaducts in Pampanga and Bulacan. It is expected to be completed by the last quarter of 2024.
“This project is just one of our company’s major initiatives in solving the growing traffic demand of the north. In partnership with the government, we aim to contribute to elevating the transportation system of the country,” said NLEX Corp. President and General Manager J. Luigi L. Bautista.
“Our company remains committed in providing faster and more convenient travel. Thus, we also want to focus on improving our expressways and beyond just building roads,” added Singson.
Among the signatories of the agreement were Singson, Bautista, NLEX Corp. Chief Finance Officer Maria Theresa O. Wells, MPTC Chief Finance Officer Christopher C. Lizo, BPI External Vice President (EVP) and Segment Head of Institutional Banking Juan Carlos Syquia, BPI Senior Vice President (SVP) and Group Head of Corporate Banking Barbara Ann C. Untalan and Top Corporates SVP and Division Head Juan Jesus C. Macapagal.