ICTSI raises medium term debt program to $1-B
MANILA, Philippines - Enrique Razon's International Container Terminal Services Inc. (ICTSI) increased its borrowing program by 25% to $1 billion to finance its aggressive overseas expansion program.
In a disclosure to the stock exchange, ICTSI treasury head Arthur Tabuena said the board of directors approved the increase in its medium note program to be issued by ICTSI Treasury BV to $1 billion instead of $750 million.
"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," he said.
ICTSI has also appointed Citigroup Global Markets Ltd and Credit Suisse Securities (Europe) Ltd as new dealers.
The ports operator raised $400 million of the $750 million medium term note program in January.
ICTSI Treasury BV has launched the note program to manage its debt portfolio, as well as fund its ongoing expansion program in the country and overseas.