ICTSI gets $120 million credit for expansion
International Container Terminal Services Inc. Wednesday signed a $120 million standby credit facility with a consortium of 19 banks led by ABN AMRO to fund the expansion of its global terminal network.
ICTSI Capital BV was established as the borrower of the facility, which was guaranteed by ICTSI.
“This facility is designed specifically to facilitate the ongoing expansion of our international terminal network,” said Enrique K. Razon Jr., chairman and president of Manila, Philippines-based ICTSI. “We just recently acquired an existing container terminal business, and we are looking forward to signing a new container terminal concession soon. We have other interesting projects in the pipeline.”
“This is ICTSI’s first borrowing in the international syndicated loan market and it has proved a highly successful exercise,” said Martin O’Neil, ICTSI’s newly appointed chief financial officer. “We went to the market seeking a $80 million, to be used for future acquisitions in the marine container terminal sector, and this was heavily over subscribed, hence we upsized the deal in response to the very strong demand.”
ICTSI gets $120 million credit for expansion
