Philippines Expressway PPP to reach financial close next month

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The President of MPCALA Holdings, Inc., a unit of Metro Pacific Investments Corp., has stated publicly that the Cavite-Laguna Expressway (CALAX) will close PHP25.3 billion (US$475.5 million) financing next month. Financial close of the project, awarded to MPCALA Holdings in June 2015, was scheduled for July 2018.

Construction of the Laguna side of the expressway, having already begun, is being funded by equity. The President disclosed that debt financing was being sourced from six local banks.

The expressway is expected to open in 2020. The tolled four-lane road will connect the South Luzon Expressway (SLEx)-Mamplasan interchange to the Cavite Expressway (CAVITEx), traversing the Cavite and Luguna provinces of the Calabarzon region of the Philippines' Luzon island.

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