SyCipLaw advises the Light Rail Manila Corporation in its Php24 Billion financing for the LRT1 Cavite Extension, Operations and Maintenance Project

March 1, 2016

SyCipLaw acted as counsel to the Light Rail Manila Corporation (LRMC) in relation to its Php24 Billion project financing Light Rail Transit Line 1 (LRT1). Around Php8.7 Billion of the total loan amount is allotted to the rehabilitation of the existing LRT1 system and Php15.3 Billion to the 11.7 km extension of LRT1 to Bacoor, Cavite.

On February 11, 2016, LRMC signed the 15-year Omnibus Loan and Security Agreement with Metropolitan Bank & Trust Company, Security Bank Corporation and Rizal Commercial Banking Corporation (as Lenders), Light Rail Manila Holdings Inc., Metro Pacific Light Rail Corporation, and Macquarie Infrastructure Holdings (Philippines) Pte. Limited (as Sponsors), First Metro Investment Corporation, RCBC Capital Corporation, SB Capital Investment Corporation (as Mandated Lead Arrangers), Rizal Commercial Banking Corporation – Trust and Investment Group as the Facility Agent and Metropolitan Bank & Trust Company – Trust Division as the Security Trustee.

The SyCipLaw team was composed of partners Rocky Alejandro L. Reyes and Arlene M. Maneja with senior associate Ma. Christina C. Ortua and associates Earla Khalila Mikhaela C. Langit, Mark Xavier D. Oyales and Jaime Liz F. Yu.