Container Terminal Services, Inc.has secured a US$120m standby credit facility to fund further acquisitions
Philippine-based global port operator International Container Terminal Services, Inc. (ICTSI) has secured a US$120m standby credit facility to fund further acquisitions. The facility was arranged with a consortium of banks led by ABN AMRO Bank. ICTSI chairman and president Enrique Razon said: “We are a robust group, looking to capitalize on our proven know-how and expand aggressively internationally over the short to medium term and this new financial ‘war chest’ will undoubtedly help us to achieve this important goal” underlined Mr. Razon. The company’s chief financial officer Martin O’Neil said: “This is ICTSI’s first borrowing in the international syndicated loan market and it has proved a highly successful exercise, and such a testament to ICTSI’s performance, management and the market niche we have carved for ourselves. We went to the market seeking a US$80m Standby Credit Facility, 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.”
“This facility,” said Mr Razon, “is designed specifically to facilitate the ongoing expansion of our international terminal network. 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.”
