MANILA, Philippines - A unit of International Container Terminal Services Inc. (ICTSI) is raising $450 million from new securities for funding requirements next year.
In a disclosure to the Philippine Stock Exchange, ICTSI said its subsidiary Royal Capital B.V. is issuing $450 million worth of new capital securities.
The securities will be guaranteed by ICTSI and will be listed on the Singapore Exchange.
ICTSI and Royal Capital have tapped Citigroup Global Markets Ltd., Credit Suisse Securities (Europe) Ltd. and Standard Chartered Bank as joint lead managers and book runners for the fund raising.
Following the signing of the subscription agreement for the issuance of the new securities, ICTSI and Royal Capital are set to further execute the trust deed and agency agreement on or by Aug. 26.
ICTSI vice president and treasurer Rafael Consing Jr. said in a text message the issuance of new securities “is an opportunistic pre-funding of ICTSI’s requirements for 2016.”
ICTSI is engaged in the operation, management, development and acquisition of container terminals.
The company’s net income reached $105.7 million in the first semester, nearly unchanged from the $105.6 million in the same period last year.
Its revenues from port operations grew eight percent to $552.1 million as of end-June from $510.3 million in the same period last year amid volume growth at most of its terminals.