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ICTSI secures three-year $150m loan deal

ICTSI secures three-year $150m loan deal

Manila: Port operator International Container Terminal Services Inc. raised $150 million through a three-year loan from a syndicate of seven banks for the refinancing of obligations falling due in end-2010.

In a disclosure to the Philippine Stock Exchange yesterday, ICTSI said it had signed a loan facility with the The Bank of Tokyo-Mitsubishi UFK Ltd., Calyon, HSBC Ltd., Australia and New Zealand Banking Group Ltd., Chinatrust (Philippines) Commercial Bank Corp., Citibank NA and Mizuho Corporate Bank Ltd.

"Proceeds of the loan facility will be used to refinance all of the remaining outstanding balance of the company's $250-million revolving and term loan facility due in December 2010 and will result in ICTSI having no substantial debt repayments due until the second half of 2011," the company said.

The company tapped $106 million in remaining funds from a revolving credit facility in October last year and raised another P7.2 billion last December from five- to seven-year loans. [22/05/09]