Philippines’ International Container sets minimum yield for perpetuals

By Marisa Wong

Madison, Wis., Jan. 20 – International Container Terminal Services, Inc. has approved a minimum yield of 6 3/8% for its upcoming senior perpetual capital securities, according to a 17-C filing with the Philippines Securities and Exchange Commission.

The new securities will be issued concurrently with a tender offer for existing perpetual securities.

As previously announced, subsidiary Royal Capital BV began a cash tender offer for any and all of its outstanding $350 million of 8 3/8% subordinated guaranteed perpetual capital securities on Jan. 12.

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 the new 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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