ICTSI raises additional $50 million in perpetual notes

PORT operator International Container Terminal Services Inc. (ICTSI) said on Thursday it has raised an additional $50 million in senior perpetual notes, proceeds of which will be used to finance its acquisitions and capital expenditures.

The notes were launched through subsidiary Royal Capital B.V.

The new securities shall be consolidated and form a single series with the $350 million 5.875-percent senior guaranteed perpetual capital securities that the company earlier offered.

In a disclosure to the Philippine Stock Exchange, the ICTSI said the issue amount, tranches, distribution rates and other terms and conditions will be determined by the ICTSI board of directors and Royal Capital.

The perpetual securities will be callable on May 5, 2022 and any distribution payment date after the first call date. The distribution rate is 5.875 percent per annum, payable semiannually in arrears on May 5 and November 5 of each year.

The issuer will apply for the listing of the new securities with the Singapore Exchange Securities Trading Ltd.

The ICTSI has appointed Citigroup Global Markets Ltd., Credit Suisse (Hong Kong) Ltd. and Standard Chartered Bank as joint lead managers for the new securities offer.

It has also appointed Citicorp International Ltd. as trustee, Citibank, N.A., London Branch as principal paying agent and transfer agent and Citigroup Global Markets Deutschland AG as registrar.

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