International Container Terminal Services, Inc. (ICTSI) has received a $750 million loan from Metropolitan Bank & Trust Co. (Metrobank) to develop its port operations across the world.
This is reportedly the largest credit facility secured by ICTSI to date, as well as the largest bilateral facility granted by Metrobank.
The loan proceeds will be utilised to repay the worldwide port operator’s short-term commitments as well as to support strategic mergers and acquisitions.
ICTSI has previously invested in both new and existing terminals to support the expansion of its offshore and domestic activities.
Christian R. Gonzalez, ICTSI Executive Vice President, Chief Compliance Officer and Chief Sustainability Officer, said: “Our long-standing relationship with Metrobank enables us to carry out our objective of continuously making our terminals around the world more globally competitive, more efficient, and more accessible.
“At the same time, this relationship enables us to act more proactively on M&A opportunities of all sizes. Metrobank has been a tremendous partner for us in building our global portfolio and in expanding our position as one of the Philippines’ true global corporate players.”
For its part, Metrobank sees its financial support to ICTSI as a platform to fulfill its ambitious strategic development plans and further economic growth.
Metrobank Institutional Banking Sector Head, Mylene Caparas, stated: “ICTSI plays a vital role in various markets. Its efforts in building catalysts of growth worldwide make the Filipino standard, a goal for all. We are happy to be able to support ICTSI’s global initiatives and we are proud to play a role in its success.”