ICTSI raises $50 M for acquisitions and capex

International Container Terminal Services, Inc. (ICTSI) has raised US$50 million to finance its acquisitions and capital expenditures (capex) through the issuance by subsidiary Royal Capital B.V. of new senior perpetual securities.

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

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

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 semi-annually 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 Limited.

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

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