Standard Bank Group joint book runner for landmark cross-border US$160m bond
9 September 2010

Standard Bank Group has completed the first international bond financing for a Philippine toll road. 

We were joint book runner with Bank of America Merrill Lynch and raised a $160 million bond for Manila Cavite Toll Road Finance Company to finance the extension of the Manila Cavite toll expressway in the Philippines. Financing for the 12-year bond was secured by the expressway's toll revenues and concession rights. 

S&P and Moody's have awarded the bond a B and B2 grading respectively. Proceeds will be used to refinance the existing project finance loan and fund the remaining construction costs. 

Once the extension is completed, the MCTE will span approximately 14km and connect Metro Manila, the Ninoy Aquino International Airport and the Port of Manila to Cavite and the Cavite Export Processing Zone. The road is currently used by approximately 78,000 cars per day. The extension is expected to open in December 2010 and is expected to significantly reduce commuting time between Cavite and Manila. 

Florian Hartig, Global Head of Debt Capital Markets, Standard Bank Group, says: "This innovative and unique transaction represents a significant strategic development for Standard Bank in the Philippines. Not only does it demonstrate our committed support to infrastructure development in emerging markets but the use of our team's considerable international and local investment knowledge, as well as their sector specific expertise, has allowed Standard Bank to help structure the Philippines' first foreign infrastructure deal." 

Jay Tom, Managing Director of Debt Capital Markets, Standard Bank Group, who was responsible for the execution of the financing, says: "The bond brings important funding diversification and tenor extension for our client, freeing up important local credit lines for projects in the pipeline." 

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