MANILA, Philippines - Port operator International Container Terminal Services Inc. is raising $250 million from the sale of 10-year dollar bonds.

In a disclosure to the Philippine Stock Exchange, the company said the notes would carry an interest rate of 7.375% per annum.

The firm will list the bonds in the Singapore Exchange Securities Trading Limited.

Earlier, it said it was raising fresh capital to fund investments in existing and new terminals, and to refinance debts.

ICTSI has hired HSBC and JPMorgan as joint bookrunners and lead managers for its bond offer.

Established in 1987, ICTSI operates terminals n Brazil, Poland, Madagascar, Japan, Indonesia, Syria, China, Ecuador, Colombia, Georgia, Brunei and Argentina, besides the Philippines.

The company posted a net profit of $54.9 million in 2009, 15% lower compared to the previous year's level, due to the decline in global trade