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.