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CCLEC, a subsidiary of Metro Pacific Tollways Corporation (MPTC), will build, operate and maintain CCLEX under a joint venture agreement with the governments of Cebu City and Cordova.
CCLEC started building the infrastructure in July 2018.
CCLEC signed a 15-year tenor omnibus loan and security agreement with various banks, MPIC disclosed to the Philippine Stock Exchange on Friday.
'We are very confident that we can deliver a quality state-of-the-art bridge that will provide not just travel efficiency but also drive economic growth and productivity in the entire Visayas region, and improve the overall welfare of the Cebuanos,' CCLEC president and general manager Allan Alfon said.
CCLEC will build, own and operate the 8.5-kilometer Cebu-Cordova Link Expressway, a P30-billion venture.
Under a concession with the local governments of Cebu City and Cordova, CCLEC will construct, own, and operate the 8.5-kilometer toll bridge project with a total project cost of about P30 billion.
Cebu Cordova Link Expressway Corporation (CCLEC) signed a 15-year omnibus loan and security agreement with the Rizal Commercial Banking Corporation, Development Bank of the Philippines, Robinsons Bank Corporation, Union Bank of the Philippines, Bank of the Philippine Islands and Security Bank Corporation.
(CCLEC), has signed a P19 billion, 15-year term loan facility with various banks.
In a disclosure to the Philippine Stock Exchange, MPIC said indirect subsidiary Cebu Cordova Link Expressway Corporation (CCLEC) has signed an Omnibus Loan and Security Agreement covering a P19.0 billion 15-year term loan facility provided by various banks.
MPIC, CCLEC's parent firm, noted CCLEx's project cost is P26.3 billion.
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