International Container sets 4 7/8% minimum yield for perpetuals

By Marisa Wong

Morgantown, W.Va., Oct. 6 – International Container Terminal Services Inc. announced that the minimum yield on its upcoming perpetual securities will be 4 7/8%.

On Monday the company announced that subsidiary Royal Capital BV is planning to issue new senior perpetual capital securities alongside a tender offer.

Citigroup, HSBC and Standard Chartered Bank are the joint dealer managers for the deal, as previously reported.

The company is inviting holders of its $300 million 6¼% perpetual notes and its $450 million 5½% perpetual notes to tender their notes for purchase for cash. The tender offer is capped at $400 million.

The company announced on Thursday that the offer will expire on Oct. 12.

International Container is a Manila-based port operator.

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