SMC Tollways lists P35-B fixed-rate bonds

SMC Tollways Corp. (SMCTC) listed its P35-billion fixed-rate bond issuance at the Philippine Dealing & Exchange (PDEx) on Thursday as part of the company’s funding initiatives.

The bond offer consisted of P30 billion with an oversubscription option of P5 billion, SMCTC said in an e-mailed statement.

It was given a “PRS Aaa” with a stable outlook credit rating by the Philippine Rating Services Corp.

Proceeds from the bond issuance will be earmarked to refinance existing debt and support the Skyway System’s expansion, which consists of Skyway Stage 1, Skyway Stage 2, Skyway Stage 3, and the Skyway Extension.

SMCTC is a subsidiary of San Miguel Corp.’s (SMC) infrastructure unit, which also operates the South Luzon Expressway, Southern Tagalog Arterial Road, Tarlac-Pangasinan-La Union Expressway, and the NAIA Expressway.

For the first nine months, SMC saw a 19% increase in net income to P37.1 billion as revenue increased by 11% to P1.2 trillion, led by higher sales volumes in its power, fuel & oil, food, and spirits businesses.

SMC shares were unchanged at P88 apiece on Thursday. — Revin Mikhael D. Ochave