Philippines-based port operator, International Container Terminal Services, Inc. (ICTSI) has completed a deal to create an inaugural Loan Facility Programme and a US$350m syndicated revolving credit facility with a large group of international and domestic banks.
This programme is the first such structure established by an Asian corporate and will act as a master platform, from which other loan type financing instruments can be issued.
Rafael J Consing, ICTSI vice president and treasurer, said: “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.”
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