Philippines' International Container to exchange 7 3/8% notes for $207.5 million 5 7/8% notes

By Marisa Wong

Madison, Wis., Sept. 11 - International Container Terminal Services, Inc. said subsidiary ICTSI Treasury BV will issue $207,502,000 of 5 7/8% senior notes due 2025 under its $1 billion medium-term note program. The company's board of directors approved the terms of the new notes on Wednesday, according to a 17-C filing with the Philippines Securities and Exchange Commission.

The notes will be issued in exchange for a like amount of International Container's 7 3/8% senior notes due 2020.

As previously announced, the company began an exchange offer for its $450 million of 7 3/8% notes on Aug. 15. The exchange offer ended on Sept. 6, with exact results to be announced by Sept. 12.

Citigroup and Credit Suisse are the joint dealer managers for the new notes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.