Manila's ICTSI borrows US$350 million for investments
Source:transportweekly 2014-8-1 9:34:00
Manila's International Container Terminal Services Inc (ICTSI) has closed and signed an inaugural loan facility programme for a US$350 million syndicated revolving credit facility with international and domestic banks, according to Shipping Gazette.
ICTSI's loan facility programme is the first such structure established by an Asian corporate. The funds will be used mainly for investments and acquisitions.
The programme serves as a template from which other loan type financing instruments can be issued as required.
It also serves to harmonise the covenants and undertakings across the group's capital structure of ICTSI, in particular with its existing Euro medium-term note programme.