icts-issues-250-million-of-unrated-securities

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 The ICTS bonds will mature on March 17, 2020

The issue was treated as a debut placement since ICTS hasn't sold US dollar-denominated bonds since 1997 It is also the first corporate issue from...

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