ICTSI shores up $300m perpetual bond

The Philippine port operator embarks on a liability management journey, swapping its old bonds with new ones and saving about 2% in total cost.

International Container Terminal Services ICTSI sold a $300 million hybrid note callable in year 4.25 on Thursday evening, the company’s maiden senior perpetual offering and also Asia’s first this year.

The Philippine port operator controlled by billionaire Enrique Razon priced the offering at a yield of 6.375%, which is around 12.5bp tighter than its final price guidance, according to a term sheet seen by FinanceAsia. The deal is part of the company's liability management programme.

Approximately $230 million of the Reg S-only hybrid instrument raised were used to redeem its existing 8.375% subordinated perpetual paper that is callable in 2016, indicating a cost saving of...

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