International Container accepts $65.48 million tenders, extends offer

By Marisa Wong

Los Angeles, July 16 – Philippines’ International Container Terminal Services, Inc. said holders had tendered $65,483,000 of the $450 million 5˝% senior guaranteed perpetual capital securities (ISIN: XS1277581077) issued by Royal Capital BV under the tender offer that began on July 6.

Royal Capital invited holders to tender any and all of their securities for purchase for cash at a price of $1,007.50 per $1,000 principal amount. There was $264,861,000 principal amount outstanding at the start of the offer.

The tender offer was scheduled to expire at 11 a.m. ET on July 14. On Thursday, the company announced it has decided to extend the tender offer period up to July 29.

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 had 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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