NATIONAL
Advocates Philippines
SMC Secures P100-B Syndicated Loan For MRT-7 Project
MRT-7. Photo courtesy of SMC
San Miguel Corporation's (SMC) infrastructure unit has successfully secured a P100-billion syndicated loan agreement with a consortium of major Philippine banks for its ongoing Metro Rail Transit 7 (MRT-7) project.
This marks SMC's first venture into mass transport systems. The financial close for the loan agreement was reached on June 1, allowing for accelerated construction progress on the MRT-7, which has reached 61.92% completion as of June 14, 2023.
SMC President and CEO Ramon S. Ang expressed satisfaction with achieving this milestone, highlighting the confidence that partner banks have in the government's progress-oriented vision and SMC's ability to execute crucial projects vital to the country's social and economic development. The loan agreement serves as a testament to the resilience and promising business prospects of SMC and its subsidiaries, even in a challenging macro-economic environment.
The consortium of banks involved in the syndicated loan agreement includes BDO Unibank, Philippine National Bank (PNB), Bank of Commerce (BankCom), Security Bank, and the Government Service Insurance System. BDO Capital & Investment Corp., PNB Capital and Investment Corp., SB Capital Investment Corp., and BankCom-Investment Banking Group are acting as lead arrangers and bookrunners for the transaction.
The MRT-7 project, identified by the Marcos administration as one of 194 high-impact infrastructure flagship projects under the "Build Better, More" program, aims to improve the quality of life for Filipinos. Running from Quezon City to San Jose del Monte City in Bulacan, the MRT-7 project will consist of 14 stations and an intermodal transportation hub. It is expected to accommodate 300,000 passengers in its first year of operation and up to 850,000 passengers daily in its 12th year.
The consortium members expressed their honor and enthusiasm in participating in this landmark agreement, emphasizing the importance of the MRT-7 project for the economic recovery of the country. They commended SMC for its infrastructure investments, recognizing their positive impact on trade, tourism, and social integration. The banks emphasized the role of infrastructure in improving productivity, growth, and economic inclusion, and expressed their commitment to supporting projects that contribute to the overall development and growth of the Philippine economy.
This marks SMC's first venture into mass transport systems. The financial close for the loan agreement was reached on June 1, allowing for accelerated construction progress on the MRT-7, which has reached 61.92% completion as of June 14, 2023.
SMC President and CEO Ramon S. Ang expressed satisfaction with achieving this milestone, highlighting the confidence that partner banks have in the government's progress-oriented vision and SMC's ability to execute crucial projects vital to the country's social and economic development. The loan agreement serves as a testament to the resilience and promising business prospects of SMC and its subsidiaries, even in a challenging macro-economic environment.
The consortium of banks involved in the syndicated loan agreement includes BDO Unibank, Philippine National Bank (PNB), Bank of Commerce (BankCom), Security Bank, and the Government Service Insurance System. BDO Capital & Investment Corp., PNB Capital and Investment Corp., SB Capital Investment Corp., and BankCom-Investment Banking Group are acting as lead arrangers and bookrunners for the transaction.
The MRT-7 project, identified by the Marcos administration as one of 194 high-impact infrastructure flagship projects under the "Build Better, More" program, aims to improve the quality of life for Filipinos. Running from Quezon City to San Jose del Monte City in Bulacan, the MRT-7 project will consist of 14 stations and an intermodal transportation hub. It is expected to accommodate 300,000 passengers in its first year of operation and up to 850,000 passengers daily in its 12th year.
The consortium members expressed their honor and enthusiasm in participating in this landmark agreement, emphasizing the importance of the MRT-7 project for the economic recovery of the country. They commended SMC for its infrastructure investments, recognizing their positive impact on trade, tourism, and social integration. The banks emphasized the role of infrastructure in improving productivity, growth, and economic inclusion, and expressed their commitment to supporting projects that contribute to the overall development and growth of the Philippine economy.
Jun 27, 2023
