ICTSI inks USD750 million loan facility with Metrobank to boost operations
ICTSI and Metrobank close a USD750 million six-year loan term facility to fund ICTSI’s expansion.
International Container Terminal Services, Inc. (ICTSI), the world's largest, independent terminal operator across six continents, has secured a USD750 million loan from one of the country’s biggest banks, Metropolitan Bank & Trust Co. (Metrobank), to further expand its port operations worldwide. To date, this is the biggest credit facility secured by ICTSI and the largest bilateral facility extended by Metrobank.
Proceeds of the six-year loan facility will be used to refinance the global port operator’s short-term obligations and to fund strategic mergers and acquisitions.
ICTSI holds a strong track record for investing in both new and existing terminals that will fuel the growth of its offshore and domestic operations.
Metrobank sees its financial support to ICTSI as a platform to fulfill its ambitious strategic development plans and further economic growth.
This year, ICTSI earmarked USD400 million for its capital expenditures to be used to improve productivity and effectivity of its various terminals.
In 2019, ICTSI Global Finance B.V., a subsidiary of ICTSI, also secured a seven-year loan amounting to USD300 million from Metrobank to fund its capital expenditures and to refinance its then existing obligations.
