Ulticon Builders

Ulticon Builders, through its special-purpose vehicle Pasay Harbor City Corporation (PHCC), is a leading Triple-A contractor in the Philippines, specializing in large-scale infrastructure projects. PHCC is one of the few Philippine entities granted reclamation rights by the government.

Ulticon Builders

Ulticon Builders, through its special-purpose vehicle Pasay Harbor City Corporation (PHCC), is a leading Triple-A contractor in the Philippines, specializing in large-scale infrastructure projects. PHCC is one of the few Philippine entities granted reclamation rights by the government.

Ulticon Builders

Ulticon Builders, through its special-purpose vehicle Pasay Harbor City Corporation (PHCC), is a leading Triple-A contractor in the Philippines, specializing in large-scale infrastructure projects. PHCC is one of the few Philippine entities granted reclamation rights by the government.

Challenge & Solution

To support the execution of its landmark reclamation project, Ulticon and PHCC needed to structure a syndicated Standby Letter of Credit (SBLC) for their EU-based EPC contractor, Boskalis. Bayfront Capital Advisors developed a customized financing structure, combining a Letter of Credit (LC) and Term Loan, that met the requirements of both local banking institutions and Boskalis’ confirming and beneficiary banks.

Outcome

This transaction established a new benchmark in Philippine reclamation finance and was recognized as one of the largest debt deals in 2022—enabling PHCC to move forward with the development of what will become Metro Manila’s premier waterfront district.


Testimonial from Client

The Pasay Harbor City Reclamation Project is one of the country’s most ambitious urban developments, and financing it required more than just capital. Bayfront helped us structure the Php 57-Billion syndicated LC + Term facility - the first and the largest for a reclamation project - aligning local banks with our international EPC contractor. Their ability to navigate complex structures and multi-party relationships was key to securing the funding and moving the project forward with confidence.

- ⁠Inah Fuentes, Former CFO, PHCC

Why Choose Bayfront?

Proven Expertise in Corporate Finance

Our founders are trailblazers of the Philippine debt capital markets. They brought product innovations and completed landmark deals for the government agencies and conglomerates.

Strong Capital Provider Network

We leverage our deep relationships with capital providers in the Philippines and Singapore, including:
1. Philippine based local and international banks
2. Philippine based conglomerates
3. Singapore, Malaysia, and Hong Kong-based private equity funds and family offices