NLEx secures P10B loan from Chinabank to expand operations
Motorist queue at the toll gates of North Luzon Expressway (NLEX) northbound on Saturday, October 14, 2023. INQUIRER PHOTO / GRIG C. MONTEGRANDE
The operator of North Luzon Expressway (NLEx) obtained a P10-billion credit line from China Banking Corp. to expand its tollway operations and pay off obligations.
In a statement on Thursday, NLEx Corp.—a subsidiary of Metro Pacific Tollways Corp. (MPTC)—said it had entered into a 10-year term loan facility agreement with the Sy-led bank.
“The loan proceeds will fund NLEX Corporation’s capital expenditure program and refinance its maturing debt. This will help us accomplish our targets – to provide better infrastructure and improve the travel experience of our motorists,” MPTC president and CEO Rogelio Singson said.
READ: Chinabank bottom line rises 13% to a record P18.4B
The MPTC unit said that a portion of the loan would go the construction of the Candaba 3rd viaduct project.
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NLEx Corp. said the expansion project has reached 95-percent completion, targeting to fully open the tollway before the Christmas rush.
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The 5-kilometer (km) toll road—linking Apalit, Pampanga and Pulilan, Bulacan—is being built between the two existing viaducts, expanding road capacity.
“The Candaba 3rd Viaduct also aims to boost socio-economic growth as it facilitates more efficient transport of goods and services,” Singson said.
In January, the company opened the new F. Raymundo Exit in Brgy. Pandayan for class 1 vehicles and finished the widening of the Meycauayan northbound exit ramp.
The new exit is an alternative route for those going to Iba/Camalig, Metrogate, Lias, Lambakin, and Pantoc, F. Raymundo and Antonio Streets. Meanwhile, the additional lane in Meycauayan northbound exit ramp will cater to motorists going to Malhacan.
This year, NLEx Corp. earmarked P12 billion for capital expenditures.
Among its projects in the pipeline are the NLEx C5 Link Segment 8.2 – Section 1A and NLEx Phase 3 widening.
The C5 Link project is a 2-km toll road linking Mindanao Avenue to Quirino Highway in Novaliches.
The road widening project runs from NLEx San Fernando to Subic–Clark–Tarlac Expressway Spur in Pampanga. Included in this project is installation of roadway lighting infrastructure and construction of Mexico interchange.
Apart from NLEx, MPTC also operates the NLEx Connector, Subic-Clark-Tarlac Expressway, Cavite-Laguna Expressway and Manila-Cavite Expressway, among others.