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Prospect News home > News index > List of issuers I > Headlines for International Container Terminal Services, Inc. > News item
Published on 7/6/2020 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

International Container offers to buy 5˝% perpetuals, eyes new notes

By Marisa Wong

Los Angeles, July 6 – Philippines’ International Container Terminal Services, Inc. announced that its board of directors approved at its meeting on Monday a tender offer and an offering of new securities.

Specifically, subsidiary Royal Capital BV is inviting holders of its $450 million 5˝% senior guaranteed perpetual capital securities (ISIN: XS1277581077), of which $264,861,000 is presently outstanding, to tender any and all of their securities for purchase for cash.

For each $1,000 of notes tendered, holders will receive $1,007.50.

The tender offer is scheduled to expire at 11 a.m. ET on July 14.

Results will be announced on July 15, and settlement is slated for July 16.

Royal Capital is also planning to issue new senior perpetual securities guaranteed by International Container.

The company will apply for the listing of the new Regulation S securities with the Singapore Exchange Securities Trading Ltd.

Citigroup Global Markets Ltd. (852 2501 2692, 44 20 7986 9000 or liabilitymanagement.asia@citi.com), Hongkong and Shanghai Banking Corp. Ltd. (852 2822 4100, 44 20 7992 6237 or liability.management@hsbcib.com) and Standard Chartered Bank (65 6596 8807, 44 20 7885 8888 or liability_management@sc.com) are joint lead managers for the new securities and dealer managers for the tender offer.

Morrow Sodali Ltd. (44 20 7355 0628, 852 2158 8405 or ictsi@investor.morrowsodali.com) is the tender and information agent.

The company said it is undertaking the tender offer as part of its strategy to manage the profile of its existing financings.

International Container is a Manila-based port operator.


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