ICTSI borrows further $250 million to aid future expansion

  • ICTSI board approves increase of medium note program to US$1 billion

International Container Terminal Services Inc. (ICTSI) will borrow a further US$250 million to help realise a myriad of future expansion projects planned by the company.

The Manila-based terminal operator’s board of directors gave the green light to the funds, which will allow the increase of its medium note program from $750 million to $1 billion. ICTSI will incur the debt, report Reuters.

“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,” the Philippine terminal operator said in a statement.

Citigroup Global Markets Ltd and Credit Suisse Securities (Europe) Ltd have been appointed as dealers.

ICTSI’s $750 million medium-term note facility will be used for both capital expenditure and debt refinancing. So far this year, the company has allocated as much as $550 million for port related projects including terminal developments in Argentina, Mexico and Colombia.

Earlier this month, ICTSI announced that it had achieved double-digit growth for both its container throughput and revenues for the first half of the year.

The Manila-based terminal operator saw box volumes jump 12 percent year-over-year to 3.0 million TEU and revenues climb 20 percent to US$413.7 million during the six-month period, according to a disclosure to the Philippine Stock Exchange.

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