GMR Megawide Cebu Airport Corporation (GMCAC) on 22 December 2014 tied up the finances of nearly 525 million US dollars for developing Macatan Cebu International Airport in Philippines. GMCAC is a joint venture of GMR Group and Manila-based Megawide Construction.
The tied up finances of 525 million US dollars is 70 percent of the total cost of 750 million US dollars (or 33 billion Philippines Pesos) that is required to develop the Cebu International airport.
Philippines-based BDO Capital & Investment Corporation acted as the lead arranger to the transaction and the loan is being provided by a consortium of six banks.
The financial closure was done under a 25-year concession agreement that GMCAC signed. Under the concession agreement
Mactan Cebu is the first airport in Philippines to be privatised under the administration’s ambitious public-private partnership programme, aimed at modernising key infrastructure assets.
When: 22 December 2014