Philippines' International Container holders OK 7 3/8% notes changes

By Marisa Wong

Madison, Wis., June 24 - International Container Terminal Services, Inc. announced that holders of its $450 million of 7 3/8% notes due 2020 approved the previously proposed amendments to the notes at a meeting on June 16.

The company began a consent solicitation on May 23 to amend the terms and conditions of the notes.

The amendments will align the treatment of the 7 3/8% notes with the treatment of the $200 million of subordinated guaranteed perpetual capital securities issued by subsidiary Royal Capital BV and guaranteed by International Container in May.

The company said it will pay a consent fee to qualifying holders and will execute a supplemental trust deed on June 27.

The Hongkong and Shanghai Banking Corp. Ltd. (212 525-0866) was the solicitation agent, and Bondholder Communications Group, LLC (212 809-2663) was the information and tabulation agent.

International Container is a Manila, Philippines-based port operator.

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