By Christine Van Dusen
Atlanta, May 2 - Philippines-based International Container Terminal Services priced $200 million perpetual notes at par to yield 8 3/8%, a market source said.
The coupon is set at 8 3/8% for the first 10 years. After year 10 it will be reset over the prevailing five-year Treasury rate plus a 250 basis points step-up. The coupon will reset at the prevailing five-year Treasury rate every five years thereafter.
The notes also include a call at par on May 5, 2016 and May 5, 2021 and a change-of-control put at 101%.
The issuer has the option within the first year to convert to senior bullet notes in year 10. The distribution rate will step down 62.5 bps.
Citigroup and HSBC were the bookrunners for the Regulation S notes.
Proceeds will be used for acquisitions and new projects.
International Container is a Manila, Philippines-based port operator.
| Issuer: | International Container Terminal Services
|
| Amount: | $200 million
|
| Maturity: | Perpetual
|
| Description: | Notes
|
| Bookrunners: | Citigroup, HSBC
|
| Coupon: | 8 3/8% for years one to 10
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Call features: | Call at par on May 5 of 2016, 2021
|
| Change-of-control put: | 101%
|
| Trade date: | April 29
|
| Distribution: | Regulation S
|
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