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Friday, November 1, 2024

ICTSI set to issue $400-m debt paper

Port operator International Container Terminal Services Inc. said Thursday it will issue $400 million worth of debt paper to refinance and extend maturing obligations. 

The new senior unsecured notes would be priced at 99.607 percent and carry a yield of 4.75-percent per annum payable semi-annually. 

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ICTSI tapped Citigroup Global Markets Limited, Credit Suisse (Hong Kong) Limited and J.P. Morgan Securities plc as joint lead managers. 

The port operator said the proceeds of the debt notes will be used to o refinance and extend the maturity of the liabilities of the company and its subsidiaries and for general corporate purposes.

ICTSI earlier reported a net income of $59.6 million in the first quarter of the year, an 18-percent drop  from $72.4 million in the same period last year due to the lower operating income, increase in interest on concession rights payable and COVID-19 related expenses. 

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