Cavitex Finance Corp Announces Settlement of the Tender Offer, Successful Completion of the Consent Solicitation and Amendments to Finance Documents Related to the Outstanding 12.0% Notes Due 2022, Series 2010-1 of Manila Cavite Toll Road Finance Company

MANILA, Philippines, April 16, 2012 /PRNewswire/ -- Cavitex Finance Corp (the "Purchaser") today announced the settlement of the tender offer (the "Offer"), the successful completion of the consent solicitation (the "Consent Solicitation") and that the amendments to the Finance Documents set forth in the Offer to Purchase dated March 5, 2012 (the "Offer to Purchase") in respect of 12.0% Notes Due 2022, Series 2010-1 (ISIN Nos. US563244AA01 and USG5800VAA38 and CUSIP Nos. 563244 AA0 and G5800V AA3) (the "Notes") issued by Manila Cavite Toll Road Finance Company ("MCTRFC") have been entered into.

As of  April 11, 2012 (the "Expiration Date"), $143,145,000 worth of Notes (representing approximately 89.47% of the aggregate amount of Notes outstanding) were validly tendered and not withdrawn.  The Omnibus Amendment, the Share Pledge Agreement Amendment and the Transfer Agreement Confirmation were executed today, amending provisions of the Indenture, the Indenture Supplement, the Support Agreement, the Servicing Agreement, the Share Pledge Agreement and the Transfer Agreement.  Non-tendering Holders are bound by the changes effected thereby.  Capitalized terms used in this press release and not otherwise defined are used as defined in the Offer to Purchase.      

Bank of America Merrill Lynch is the Manager for the Offer and the Consent Solicitation and may be contacted at +1 (646) 855-3401 (collect) or + 1 (888) 292-0070 (toll free).  Requests for documents may be directed to Global Bondholder Services Corporation, the Information Agent, at + 1 (212) 430-3774 (collect) or + 1 (866) 924-2200 (toll free).

Disclaimer

This announcement has been issued by and is the sole responsibility of the Purchaser.  In accordance with normal practice, Bank of America Merrill Lynch expresses no opinion on the merits of the Offer or the Consent Solicitation, nor does it accept any responsibility for the accuracy or completeness of this announcement or any other document prepared in connection with the Offer or the Consent Solicitation.

About the Purchaser

The Purchaser is a company formed under the laws of the Cayman Islands.  The Purchaser's corporate seat is in the Republic of the Philippines. The registered office of the Purchaser is at the offices of Walkers Corporate Services Limited, Walker House, 87 Mary Street, George Town, Grand Cayman KY1-9005, Cayman Islands.  The Purchaser is wholly owned by Goldbow Investment Limited and Cavitex Infrastructure Corp.  The sole director of the Purchaser is Andrew Jude D. Deyto.

About MCTRFC

Manila Cavite Toll Road Finance Company was incorporated as an exempted company under the laws of the Cayman Islands on February 11, 2010 with limited liability for the sole purpose of issuing the Notes and any Additional Notes from time to time and entering into the transactions described in the Offering Circular dated August 23, 2010.  MCTRFC has no subsidiaries and no employees.

SOURCE Cavitex Finance Corp