NLEX readies P25B bond offering
NLEX Corp. is seeking the approval of the Securities and Exchange Commission to issue P25 billion worth of bonds under shelf registration.
The company will initially offer P6 billion bonds, which were assigned a rating of PRS Aaa by local credit watchdog Philippine Rating Services Corp.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor?s capacity to meet its financial commitment on the obligation is extremely strong.
Proceeds from the offering will be used to primarily fund the company?s upcoming projects.
NLEX earlier set a capital spending program of P19 billion to build the urban portions of North Luzon Expressway, such as Harbor Link Segment 10 (including the R10 Section in Dagat-Dagatan, Navotas City) and the NLEx-SLEx connector road project.