Philippines’ International Container tenders for 8 3/8% perpetual notes

By Marisa Wong

Madison, Wis., Jan. 12 – International Container Terminal Services, Inc.’s subsidiary, Royal Capital BV, has begun a cash tender offer for any and all of it outstanding $350 million of 8 3/8% subordinated guaranteed perpetual capital securities, according to a 17-C filing with the Philippines Securities and Exchange Commission.

The offer will expire at 11 a.m. ET on Jan. 21, and results will be announced on Jan. 22. Settlement will be on Jan. 29.

The tender offer is conditioned on the pricing of new senior perpetual securities, which is expected to occur on Jan. 22.

Citigroup and HSBC are dealer managers for the tender offer, with Citibank, NA as tender and information agent.

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

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