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Nickel Asia unit eyes P1.6-B syndicated loan
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Nickel Asia unit eyes P885-M syndicated loan
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By TED CORDERO, GMA News
Published May 7, 2021 12:07pm GMR-Megawide Cebu Airports Corp. (GMCAC), the operator of Mactan-Cebu International Airport (MCIA), said Friday it executed with its creditors an agreement for the rebalancing of its debt servicing commitments and relaxation of debt covenants. In a disclosure to the Philippine Stock Exchange, GMCAC parent firm Megawide Construction Corp. said the agreement is associated with the end-2020 outstanding loan of P23.9 billion for project financing contracted to develop, operate, and maintain the MCIA. GMCAC is a consortium between Megawide and India’s GMR Group formed to manage and develop MCIA for the next 25 years.
SunStar
+ May 07, 2021 GMR Megawide Cebu Airports Corp. (GMCAC), airport subsidiary of Megawide Construction Corp. and its lenders have executed an agreement for the rebalancing of its debt servicing commitments and relaxation of debt covenants, which are associated with the end-2020 outstanding P23.9 billion project financing contracted to develop, operate, and maintain the multi-awarded Mactan-Cebu International Airport.
The lenders are composed of the country’s largest banks, namely BDO Unibank Inc., Philippine National Bank, Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines, and Metropolitan Bank and Trust Company, as well as the Asian Development Bank. BDO Capital also acted as the financial advisor to the transaction.
Megawide unit obtains relief on Cebu Airport debt payment terms
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