MANILA - Philippines port operator International Container Terminal Services Inc. (ICTSI) said on Wednesday it is raising $450 million through a bond issue.
In a disclosure to the local stock exchange, ICTSI said its board of directors approved on Tuesday night the offering of new senior perpetual capital securities through subsidiary Royal Capital BV.
The corporate bonds would yield 5.5 percent per annum and would be guaranteed by ICTSI.
Citigroup Global Markets Ltd, Credit Suisse Securities (Europe) Ltd and Standard Chartered Bank were the joint lead managers and bookrunners.
ICTSI, owned by the Philippines' third richest man, Enrique Razon, is into 30 terminal concessions and port development projects in 20 countries.