International Container tender offer for perpetuals expires Oct. 12

By Marisa Wong

Morgantown, W.Va., Oct. 6 – Royal Capital BV’s tender offer for two series of perpetual notes will expire at 11 a.m. ET on Oct. 12, according to a Philippine Stock Exchange announcement.

Royal Capital is tendering for up to a cap of $400 million of its $300 million 6¼% senior guaranteed perpetual capital securities and $450 million 5½% senior guaranteed perpetual capital securities, as previously announced.

The notes are guaranteed by International Container Terminal Services, Inc.

International Container is making the offer as part of its strategy to manage its debt maturity profile, according to a previous announcement.

The tender offer is contingent upon the company pricing a new issue of senior guaranteed perpetual capital securities, along with the signing of a subscription agreement.

The company expects to announce final results of the offer and pricing of the new securities on Oct. 13.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.asia@citi.com) and Hongkong and Shanghai Banking Corp. Ltd. (+44 20 7992 6237, +852 2822 4100 or liability.management@hsbcib.com), Standard Chartered Bank (+65 6596 8807 or liability_management@sc.com) are the joint dealer managers.

D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, ictsi@dfkingltd.com or https://sites.dfkingltd.com/ictsi/) is the tender and information agent.

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

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