ICTSI taps HSBC, UBS for notes issues
MANILA, Philippines - Publicly-held port giant International Container Terminal Services Inc. (ICTSI) has tapped Hong Kong and Shanghai Banking Corp. (HSBC) and UBS for the first tranche of its $750-million medium term note program.
In a disclosure to the Philippine Stock Exchange (PSE), ICTSI finance manager Arthur Tabuena said ICTSI Treasury BV would initially issue $300 million worth of 10-year corporate notes.
Tabuena said the senior unsecured debt paper is priced at 99.014 percent and would carry a coupon of 4.625 percent.
The Enrique Razon-led company announced the other day that its board of directors confirmed, ratified and approved the establishment of a medium term note program not exceeding $750 million by its subsidiary to manage its debt portfolio and at the same time bankroll ongoing expansion program in the country and overseas.
ICTSI is in the business of acquiring, developing, managing and operating container ports and terminals worldwide. Established in December 1987 in the Philippines, ICTSI has become a leading operator, innovator and pioneer in its field.
ICTSI Ltd., a wholly owned subsidiary, manages the company’s foreign operations. Aside from developing new port concessions, this subsidiary is also tasked with overseeing operations of all acquired foreign terminals.
ICTSI is currently pursuing an active program to acquire new terminal concessions in Asia, Australia, the Indian Subcontinent, the Middle East, Africa, Europe and the Americas.
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