Tuesday , 21 May 2019
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International Container Terminal Services Inc (ICTSI) of the Philippines has signed agreements for a US$120m standby credit facility with a consortium of 19 banks led by ABN AMRO. It plans to use this ‘war chest’ to finance new acquisitions as it expands its network of container terminals worldwide. ICTSI Capital Bank was established as the borrower under the facility, which was guaranteed by ICTSI.

ICTSI assembles US$120m ‘war chest’

Martin O’Neil, ICTSI’s recently appointed chief financial officer, said: “This is ICTSI’s first borrowing in the international syndicated loan market and it has proved a highly successful exercise. We went to the market seeking an US$80m standby credit facility to be used for future acquisitions in the marine container terminal sector, and this was heavily over-subscribed, so we upsized the deal in response to the very strong demand.”

The company’s chairman and president, Enrique K Razon Jr, commented: “This facility is designed specifically to facilitate the ongoing expansion of our international container network. We just recently acquired an existing container terminal business, and we are looking forward to signing a new concession soon. We have other interesting projects in the pipeline.”