Aug. 4--THE local unit of Hong Kong-listed First Pacific Co. Ltd. Announced on Monday that it will secure a bridge financing facility from Metropolitan Bank and Trust Co. and Philippine National Bank.

In a disclosure to the Philippine Stock Exchange, Metro Pacific Investments Corp. (MPIC) said it will tap P4.5 billion from the two local lenders. The loan will be backed by MPIC's 13.35 million common shares in Manila Electric Co.

This kind of financing is a method used to maintain liquidity, as the company waits for an anticipated and reasonably expected inflow of cash. It is also commonly used when the cash flow from a sale of an asset is expected after the cash outlay for the purchase of an asset.

Last month, MPIC has approved an equity fund raising exercise meant for future acquisitions and broadening its investor base.

The company also approved the issuance of 5 billion class A preferred shares to Metro Pacific Holdings Inc. at par value of P0.01 apiece, for an aggregate issue price of P50 million.

Manuel Pangilinan, MPIC chairman earlier said the company is eyeing the buyout of the Subic-Clark-Tarlac Expressway (SCTEx) from the government as well as the extension of the contract for its operation and maintenance, which the company assumed from the Lopez group.

To help fund its projects in the pipeline, MPIC aims to raise between $200 million and $300 million through private placements.

Melody del Rosario, MPIC assistant vice president for media and corporate communications, also said the company is set to conduct a global road show this month.

She said MPIC plans to sell up to 3.5 billion shares to institutional investors amounting to $300 million as well as raise its public float.

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