ICTSI finalizes terms of $450-M bond offering

Port operator International Container Terminal Services, Inc. (ICTSI) said on Wednesday it may raise as much as $450 million from a perpetual bond offering.

In a regulatory filing, the company said it has finalized the offering's terms and conditions under the Final Offering Circular on August 18 as follow:

• The bonds will be issued by ICTSI subsidiary Royal Capital B.V.

• An initial yield rate 5.5 percent a year, payable semi-annually in arrears

• To be listed on the Singapore Stock Exchange Securities Trading Ltd.

• The joint lead managers and bookrunners are Citigroup Global Markets Limited, Credit Suisse Securities (Europe) Limited, and Standard Chartered Bank
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ICTSI and Royal Capital B.V signed the subscription agreement on Tuesday along with the joint lead managers.

“The new securities have not and will not be registered with the Philippine Securities and Exchange Commission,” ICTSI said.

In an earlier disclosure, the company noted that the bonds will also be exempt from the securities laws of the Philippines and the United States. – Jon Viktor Cabuenas/VS, GMA News