Shearman & Sterling Advises Light Rail Manila Corporation on the P65 Billion (US$1.4 Billion) LRT 1 Cavite Extension Project
Shearman & Sterling advised Light Rail Manila Corporation (“LRMC”) on the development and financing of the Light Rail Transit 1 Cavite Extension project (LRT 1 project). The sponsors for the project are Metro Pacific Investments Corp, Ayala’s AC Infrastructure Holdings and Macquarie Infrastructure Holdings. The total project cost is P65 billion (approximately US$1.4 billion), of which P24 billion (approximately US$504 million) will be financed by way of a limited-recourse loan from the bank market.