ICTSI acquires $350-M credit facility

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ICTSI's flagship, the Manila International Container Terminal. Photo courtesy of ICTSI.
ICTSI's flagship, the Manila International Container Terminal. Photo courtesy of ICTSI.
ICTSI’s flagship, the Manila International Container Terminal. Photo courtesy of ICTSI.

Global port operator International Container Terminal Services, Inc. (ICTSI) has raised US$350 million for use in funding investments, acquisitions and general corporate purposes.

In a disclosure to the Philippine Stock Exchange, ICTSI said it signed the deal for the five-year credit facility on July 24 together with its subsidiary, ICTSI Global Finance B.V., which will act as the borrower.

The facility was arranged by Australia and New Zealand Banking Group Limited and Standard Chartered Bank, with The Bank of New York Mellon-Singapore Branch acting as trustee and Standard Chartered Bank (Hong Kong) Limited acting as facility agent for the revolving facility.

“This transaction highlights the core attributes most suitable to our funding needs—streamlined execution, reduced negative interest carry, incurrence-based covenant regime and a diversified funding base,” ICTSI vice president and treasurer Rafael Consing said in a statement.

The revolving line was originally set at $250 million but subsequently increased due to strong demand from banks within the syndicate.

ICTSI currently owns and operates 30 terminal facilities in 22 countries.