ICTS issues $250 million of unrated securities

Philippine container-port company International Container Terminal Services comes to market with $250 million of senior unsecured debt.

Philippine port operator International Container Terminal Services ICTS has raised $250 million from the sale of senior unsecured Reg-S 10-year notes. The bonds, which are not rated, priced last Wednesday.

The deal carries a 7.375% fixed-rate coupon and was priced at par, resulting in a yield of 7.375% as well. This was equal to a spread of 365.4bp over the equivalent 10-year US Treasury yield. It was also 185bp wider than the Philippine 2020 sovereign....

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