ICTSI raises another $100 M

By Lawrence Agcaoili, The Philippine Star

Posted at Jan 29 2013 08:25 AM | Updated as of Jan 29 2013 04:25 PM

MANILA, Philippines - Port operator International Container Terminal Services Inc. (ICTSI) has raised another $100 million from the issuance of medium-term notes (MTN).

UBS managing director Lauro Baja said the fund raising activity was completed within an hour and was 15 times oversubscribed as demand reached an overwhelming $1.5 billion.

The MTN program allows the company to issue as much as $750 million in notes as ICTSI manages its debt portfolio and at the same time bankroll ongoing expansion program in the country and overseas.

Last Jan. 11, ICTSI raised $300 million in a fund raising activity that was almost 18 times over-subscribed, with an order book totaling $5.5 billion from 180 high-quality fixed-income investors.

“This is much better than the 4.75 percent issued two weeks ago. This will be fungible with their existing 2013 bond. They have a note program which allows them to raise bonds quickly and opportunistically,” Baja said.

UBS together with HongKong and Shanghai Banking Corp. (HSBC) served as book runners for the fund raising activities.

ICTSI finance manager Arthur Tabuena earlier informed the Philippine Stock Exchange (PSE) that the company’s board of directors approved and ratified the issuance of additional notes by ICTSI Treasury BV.

Tabuena said the additional notes in the aggregate nominal amount of between $75 million and $100 million would be consolidated and form a single series with the $300 million notes due 2023.