Chicago, July 7 – Philippines’ International Container Terminal Services, Inc. priced $300 million 5% senior perpetual capital securities through subsidiary Royal Capital BV, according to a notice.
The notes are guaranteed by the parent.
Citigroup Global Markets Ltd., Credit Suisse (Hong Kong) Ltd. and Standard Chartered Bank are joint lead managers for the offering.
Proceeds will be used for refinancing and general corporate purposes, including to potentially fund a tender offer.
The sale of the notes comprises a financing condition for the tender of the company’s $450 million 5˝% senior guaranteed perpetual capital securities.
International Container is a Manila-based port operator.
| Issuer: | Royal Capital BV
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| Guarantor: | International Container Terminal Services Inc.
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| Issue: | Senior perpetual capital securities
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| Amount: | $300 million
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| Managers: | Citigroup Global Markets Ltd., Credit Suisse (Hong Kong) Ltd. and Standard Chartered Bank
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| Coupon: | 5%
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| Price: | 98.979
|
| Pricing date: | July 8
|
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