Citra secures $262m loan

Citra secures $262m loan

MANILA (Reuter): Citra Metro Manila Tollways Corp, a joint
venture of Indonesia's Citra Group and the state-run Philippine
National Construction Corp, has signed a US$262 million loan
agreement with 18 local and foreign banks.

The loan will be used to fund in part its $514 million, 35-
kilometer elevated highway in Manila, a statement from Citra
Metro said yesterday.

The joint lead arrangers for the $262 million loan are FEB
Investments Inc, ING Bank and Urban Corp.

The company also approved the issuance of $60 million
convertible preferred shares to the American International Group-
Asian Infrastructure Fund (AIG-AIF) to help finance the project.