The company intends to use the net proceeds of the offer to prepay the outstanding peso-denominated floating rate corporate notes drawn on April 4, 2012," SLTC told the Commission.
SLTC said that as of the date of the prospectus, the corporate notes has an outstanding balance of P7.
SLTC is majority owned by MTD Manila Expressway Inc.
The ultimate parent company of SLTC
is San Miguel Holdings Corporation, a wholly-owned subsidiary of San Miguel Corporation, one of the largest and most diversified conglomerates in the country, with businesses and investments in beverages, food, packaging, fuel and oil, power and infrastructure.
Inquirer sources said SLTC was critical of the new design proposed by Ayala for the linkage, fearing this would worsen traffic conditions in its jurisdiction.
But there are questions from the SLTC board so that's the cause of delay now," she said, adding the traffic management was SLTC's biggest concern.
Other Inquirer sources explained that SLTC was opposed to the plan to create a tunnel or undercrossing connecting the Daang Hari to SLEx on grounds that this would worsen traffic conditions in the area, cause damage to its own toll road and that the revision was not part of the original design/terms approved by SLTC even prior to the entry of the San Miguel/Citra group as controlling shareholder.
We are at a loss as to why the DPWH is now asserting that the DPWH rotunda design 'does not meet the minimum performance standards and specifications' for the Daang Hari Road project," SLTC said on its letter to Singson.
We assume that in asking the potential investors to bid based on the rotunda design, the DPWH had represented that the design met the minimum performance standards and specifications that the DPWH had set for the said project," SLTC said.
SLTC pointed out that its own Supplemental Toll Concession Agreement entered into with the government when it rebuilt SLEx a decade ago guaranteed it the right to expand the tollroad by adding more lanes.
Upon the request of the DPWH, SLTC earlier issued a "no objection" letter to the project on the condition that its future expansion plans would not be jeopardized.
I don't think Ayala will agree to shoulder it, and neither will SLTC.