ICTSI reschedules US$178 million debt, extends bond maturity to 2025
MANILA's International Container Terminal Services Inc (ICTSI), which operates 27 terminal facilities in 19 countries, has rescheduled a large portion of its debt by five years with an exchange of 2020 old bonds for 2025 new ones.
"We are deeply appreciative of the warm reception to this transaction by our stakeholders. We are grateful for the support of the investor community," said ICTSI treasurer Rafael Consing.
"This transaction is strong proof of ICTSI's commitment to prudent balance sheet management, cognisant of our long-term concession assets worldwide against a backdrop of volatile markets," he said.
In the bond exchange, US$178 million of ICTSI's US$450 million, 7.3 per cent notes due to mature in 2020 has been exchanged for $207.5 million in ICTSI Treasury's new bonds due in 2025 and bearing 5.8 per cent interest per annum.
The 2025 bonds will be issued by ICTSI Treasury under its $1 billion medium-term note programme guaranteed by ICTSI.
The offer allows "ICTSI to further prudent management by extending the maturity of its liabilities to better match the tenor of its port concessions", a company statement said.
Its unit ICTSI Treasury was the issuer while Citigroup and Credit Suisse acted as joint dealer managers and solicitation agents for the transaction.
MANILA's International Container Terminal Services Inc (ICTSI), which operates 27 terminal facilities in 19 countries, has rescheduled a large portion of its debt by five years with an exchange of 2020 old bonds for 2025 new ones.
"We are deeply appreciative of the warm reception to this transaction by our stakeholders. We are grateful for the support of the investor community," said ICTSI treasurer Rafael Consing.
"This transaction is strong proof of ICTSI's commitment to prudent balance sheet management, cognisant of our long-term concession assets worldwide against a backdrop of volatile markets," he said.
In the bond exchange, US$178 million of ICTSI's US$450 million, 7.3 per cent notes due to mature in 2020 has been exchanged for $207.5 million in ICTSI Treasury's new bonds due in 2025 and bearing 5.8 per cent interest per annum.
The 2025 bonds will be issued by ICTSI Treasury under its $1 billion medium-term note programme guaranteed by ICTSI.
The offer allows "ICTSI to further prudent management by extending the maturity of its liabilities to better match the tenor of its port concessions", a company statement said.
Its unit ICTSI Treasury was the issuer while Citigroup and Credit Suisse acted as joint dealer managers and solicitation agents for the transaction.