ICTSI loan facility structure, a first for Asian corporates, oversubscribed

MANILA – One of the Philippines largest global companies, International Container Terminal Services (ICTSI) has successfully closed an inaugural loan facility programme which is the first structure of its type established by an Asian corporate. Alongside the programme, ICTSI signed off a US$350 million syndicated revolving credit facility with a large group of international and domestic banks.

ICTSI Vice Preident and Treasurer, Rafael J Consing, said the positive reception to the funding structure highlights a growing international market appetite for assets from the Philippines.

The revolving facility was increased from US$250 million to US$350 million on the back of strong demand from the regional syndicated loan market, he said, with a total order book at US$835 million, 3.34 times over-subscribed.

There was interest from 24 domestic, regional and international banks for the revolving facility, which was fully underwritten by ANZ and Standard Chartered. The facility is the first tap from the Loan Programme, with funds to be used for strategic investments and acquisitions.

ICTSI is the world’s 11th-largest terminal operator and the largest port operator in the Philippines. At end-June, it owned or operated 29 terminal facilities in 21 countries. www.ictsi.com