International Container Terminal Services Inc. (ICTSI) said it has capped its planned senior notes offering at $400 million, the proceeds of which will be used to refinance and extend the maturity of group liabilities and for general corporate purposes.
ICTSI said the notes issuance will have a coupon of 4.75 percent per annum, payable semi-annually in arrears and will be priced at 99.607 percent of its par value.
Serving as joint lead managers are Citigroup Global Markets Limited, Credit Suisse (Hong Kong) Limited and J.P. Morgan Securities plc.
The debt instrument will be listed with the Singapore Exchange Securities Trading Limited.
Earlier, ICTSI said the senior notes will not be registered with the Philippines’ Securities and Exchange Commission under the Securities Regulation Code (SRC) of the Philippines.
As such, each lead manager will not sell any of the senior notes in the Philippines unless the transaction is exempted from the SRC rules.