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International Container Services, Inc. (ICTSI) port and terminal in Manila. Handout/File
MANILA — Razon-led International Container Terminal Services, Inc. (ICTSI) has taken a $750 million loan from Metrobank to expand its port operations worldwide.
The ports giant said the six-year loan facility will be used to refinance its short-term obligations and fund strategic mergers and acquisitions.
ICTSI said this is its biggest loan to date, and the largest bilateral facility extended by Metrobank.
"This relationship enables us to act more proactively on (mergers and acquisitions) opportunities of all sizes," said ICTSI Executive Vice President Christian Gonzalez.
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ICTSI earmarked $400 million for its capital expenditures in 2023 to boost the productivity and effectivity of its various terminals.
ICTSI's net income grew 7 percent to $313.80 million in the first half of 2023.
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