NLEX Bond Issuances

Maiden issuance

NLEX Corporation, formerly Manila North Tollways Corporation, made history in 2014 by becoming the first privately-owned toll road company to successfully issue bonds to the investing public. Highlighting the investors’ solid confidence in and positive outlook for the Company, the bond issue was more than three times oversubscribed and received the highest credit rating from Philratings of PRS Aaa*.

The Php7 Billion bonds were divided into two tranches:  seven- and ten-year fixed rate securities due in 2021 and 2024, respectively. A total of Php4.4 billion was allocated to the seven-year tranche which has a coupon rate of 5.07% per annum, and the remaining Php 2.6 billion are the ten-year bond with a 5.5% annual rate.

 ISSUE OUTSTANDING ISSUE AMOUNT 

(Php Billions)

COUPON RATE ISSUE DATE MATURITY DATE
 Fixed Rate Bonds due 2021 4.40 5.0700% 31 Mar 2014 31 Mar 2021
 Fixed Rate Bonds due 2024 2.60 5.5000% 31 Mar 2014 31 Mar 2024

The proceeds from the Php7 Billion bonds were used to finance the construction of Segment 10, which is the second leg of its Harbor Link Project.

Second issuance

On July 4, 2018, NLEX Corp. issued its Php6 Billion fixed-rate peso-denominated bonds, the first tranche under its Php25 Billion bond shelf registration.  The bonds have likewise been rated PRS Aaa by the PhilRatings and was 2.5x oversubscribed.

The Php6 Billion bonds were divided into two series:  Series A which is due in 2025, and Series B which is due in 2028. Php4.0 billion was allocated for Series A with a coupon rate of 6.6407%, while the remaining Php2.0 billion was allocated for Series B with a coupon rate of 6.90%.

 ISSUE OUTSTANDING ISSUE AMOUNT

(Php Billio​ns)

COUPON RATE ISSUE DATE MATURITY DATE
 Series A Bonds due 2025 4.00 6.6407% 4 Jul 2018 4 Jul 2025
 Series B Bonds due 2028 2.00 6.9000% 4 Jul 2018 4 Jul 2028

The proceeds of the offer will be mainly used to fund capital expenditure requirements of its Segment 10: R-10 Section project and finance other general corporate purposes, which may include capital expenditures to enhance, upgrade and improve the tollway services and facilities in the NLEX and SCTEX.

*Obligations rated PRS Aaa are of the highest quality with the minimal credit risk and reflects the obligor’s extremely strong capacity to meet its financial commitment.

FINANCIAL REPORTS