International Container holders tender $345.45 million of perpetuals

By Marisa Wong

Morgantown, W.Va., Oct. 13 – International Container Terminal Services, Inc. announced that holders had tendered $160,314,000 of 6¼% senior guaranteed perpetual capital securities and $185,139,000 of 5½% senior guaranteed perpetual capital securities as of 11 a.m. ET on Oct. 12, the expiration of Royal Capital BV’s previously announced tender offer.

The company said its acceptance of tendered securities for purchase is conditioned on pricing of 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 tender offer on Thursday.

As previously announced, Royal Capital is tendering for up to a cap of $400 million of its $300 million 6¼% perpetual securities and $450 million 5½% perpetual securities. The notes are guaranteed by International Container.

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

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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