InterAksyon.com means BUSINESS
MANILA - International Container Terminal Services Inc (ICTSI) on Monday said it plans to raise an additional $75-100 million under a medium-term borrowing program.
In a disclosure to the Philippine Stock Exchange, ICTSI said its board approved the issuance of additional notes under the $750 million medium-term note program of its subsidiary ICTSI Treasury B.V.
"These new notes will be consolidated and form a single series with the $300 million 4.625 percent guaranteed notes due 2023 issued on January 16, 2013," ICTSI said.
The Enrique Razon-led port operator said its board will determine the actual amount of the borrowing in the coming days.
Earlier, ICTSI raised $300 million in 10-year notes with a coupon rate of 4.625 percent per annum.
The $750 million medium-term note facility is earmarked for debt refinancing and this year's capital expenditures.
ICTSI operates ports in Manila, other parts of Asia, the Americas, Europe and Africa.
The company earlier raised its stake in the Pakistan International Container Terminal to 63.59 percent after acquiring 15.72 percent held by Aeolina Investments Limited, a British Virgin Islands-registered company.
ICTSI also recently terminated its contract with Tartous Port General Co because of civil unrest and violence in Syria.
In the first nine months of 2012, ICTSI earned $105.8 million, up 4 percent from the previous year's profit of $101.4 million.
Revenues rose 7 percent to $524.7 million from the previous year's $490.9 million.
InterAksyon.com means BUSINESS
BUSINESS NEWS
