The company behind the construction of the third Cebu-Mactan link has secured a P19-billion loan from various banks to finance the project.
Investment holding company Metro Pacific Investments Corporation said in a disclosure Friday, December 28, 2018, that its indirect subsidiary Cebu Cordova Link Expressway Corporation (CCLEC), which will build the third Cebu-Mactan bridge, signed an omnibus loan and security agreement for a 15-year loan facility.
“The loan is secured by a pledge over CCLEC shares and a security interest over certain assets of CCLEC,” MPIC told the Philippine Stock Exchange.
Proceeds of the loan will be used to finance the construction of the 8.5-kilometer Cebu-Cordova Link Expressway (CCLEx), which will include a cable-stayed bridge that will connect the South Road Properties (SRP) in Cebu City to Cordova town on Mactan Island.
The third link, which will be a toll facility, is targeted to start commercial operations in 2021.
Construction began in July 2018. It will have a two-lane road, a main bridge, a viaduct at Cordova, an eight-lane toll plaza and a causeway.
CCLEC has commissioned the Cebu Link Joint Venture (CLJV) - a consortium of Spain-based Acciona Construccion SA and Philippines-based First Balfour, Inc. and D. M. Consunji, Inc.- for the design and construction of the new facility.
The CCLEx is the first project outside Luzon of the Metro Pacific Tollways Corporation (MPTC), a subsidiary of MPIC and the parent company of CCLEC.
MPIC is one of three Philippines-based units of First Pacific Company Ltd. of Hong Kong. The others are PLDT, Inc. and Philex Mining Corporation.
As of 12:56 p.m. Friday, MPIC was trading at P4.71 apiece, higher than its previous close of P4.68. (Ventures Cebu)