ICTSI guarantees new securities
LISTED International Container Terminal Services Inc. (ICTSI) said on Friday that its board had approved the issuance of new securities through subsidiary Royal Capital B.V.
In a disclosure to the Philippine Stock Exchange, the company said Royal Capital would be issuing new senior perpetual securities guaranteed by the port operator.
ICTSI did not disclose the proceedings of this bond offer, which also remains subject to finalization of terms and conditions, other than saying the offer will be made “at such issue amount, tranches, distribution rates and other terms and conditions as the Board of Directors of the company and the issuer may subsequently approve or ratify.”
ICTSI added that “final terms and conditions of the New Securities Offer, including the issue amount and distribution rate, shall be determined and approved by the respective Boards of Directors of the Issuer and/or the Company in the coming weeks.”
In October 2016, the group had also issued new securities through its Royal Capital unit to support its debt management initiatives.
“The company is undertaking the tender offer as part of its strategy to manage the maturity profile of its existing debt obligations,” ICTSI said in an earlier filing to the local bourse.
The company posted a 5 percent increase in profit attributable to equity holders in the first nine months of 2017, boosted by its core operating businesses.
Revenue was also up 11 percent at $314.6 million versus the $284.2 million recorded in the same period in 2016.