Razon's ICTSI raises borrowing program to $1B

To finance its expansion outside the Philippines, listed International Container Terminal Services Inc. is raising the amount medium-term notes it intends to float, the company led by gaming and port magnate Enrique Razon said Thursday.

 

“The maximum aggregate nominal amount of notes outstanding that may be issued under the program was increased from the original amount not exceeding $750 million or its equivalent in other currencies to $1 billion,” Treasury head Arthur Tabuena told the Philippine Stock Exchange.

 

The adjustment was approved by the ICTSI board of directors, and the float would be issued by wholly-owned subsidiary ICTSI Treasury BV.

 

Tabuena, who is also head of the investor relations, said the company appointed Citigroup Global Markets Ltd. and Credit Suisse Securities (Europe) Ltd. as new dealers.

 

“We report to you likewise that the company and ICTSI Treasury BV signed today the documents relating to amendments to the program, such as the first supplemental program agreement, other supplements to the trust deed and agency agreement, and operating and administrative procedures memorandum, among others, with the relevant counterparts,” the official added.

 

Last January, the company raised $400 million of the $750 million medium-term note program, basically floating $300 million as first tranche and $100 million as second tranche.

 

ICTSI Treasury launched the medium note program to manage its debt portfolio and bankroll an ongoing expansion program.

 

Parent ICTSI buys, develops, manages and operates container ports and terminals across the globe. — VS, GMA News