Philippines’ International Container accepts tenders for $229.84 million of 8 3/8% perpetuals

By Marisa Wong

Madison, Wis., Jan. 22 – International Container Terminal Services, Inc. announced that holders tendered a total of $229,841,000 of their 8 3/8% subordinated guaranteed perpetual capital securities by the expiration of its previously announced tender offer.

Subsidiary Royal Capital BV began the cash tender offer for any and all of its outstanding $350 million of 8 3/8% perpetual securities on Jan. 12. The offer expired at 11 a.m. ET on Jan. 21.

Holders who tendered their securities for purchase will be paid the tender price of $1,076.25 per $1,000 principal amount plus an accrued distribution payment on or about Jan. 29.

The tender offer was conditioned on the pricing of new perpetual securities. The issuer announced on Thursday that it priced $300 million of 6¼% perpetual notes to yield 6 3/8%.

Citigroup and HSBC were 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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