By Marisa Wong
Morgantown, W.Va., Oct. 14 – International Container Terminal Services Inc. said its subsidiary, Royal Capital BV, priced $375 million of senior perpetual capital securities at 99.225 with a distribution rate of 4 7/8%. The notes will be guaranteed by International Container.
The company announced last week that the minimum yield on the perpetual securities would be 4 7/8%.
Citigroup, HSBC and Standard Chartered Bank are the joint lead managers for the deal.
Royal Capital will issue the new senior perpetual capital securities alongside its previously announced tender offer. 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.
International Container is a Manila-based port operator.
| Issuer: | Royal Capital BV
|
| Guarantor: | International Container Terminal Services Inc.
|
| Issue: | Senior guaranteed perpetual capital securities
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| Amount: | $375 million
|
| Maturity: | Perpetual
|
| Managers: | Citigroup, HSBC and Standard Chartered Bank
|
| Coupon: | 4 7/8%
|
| Price: | 99.225
|
| Pricing date: | Oct. 13
|
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