INTERNATIONAL Container Terminal Services, Inc. (ICTSI) announced on Monday that its subsidiary Royal Capital B.V. is offering cash for the $450 million worth of senior guaranteed perpetual securities as part of its strategy to manage the profile of its existing financings.
ICTSI also announced in a disclosure to the stock exchange on Monday plans of Royal Capital to issue new senior perpetual securities.
Royal Capital is offering cash to the holders of its outstanding $450 million 5.5% senior guaranteed perpetual capital securities. The tender offer will end on July 14 at 5:00 p.m., Central European summer time.
Results of the tender offer will be announced on or about July 15, ICTSI said. Settlement or payment of the tender consideration will take place the following day.
As for the new securities offer, the listed company said the final terms and conditions, including the issue amount and interest rate, will be determined and approved by the respective boards of directors of both ICTSI and Royal Capital “in the coming weeks, subject to market conditions.”
The said transactions were approved and ratified by ICTS’s board of directors at a meeting held on Monday.
They also approved the appointment of Citigroup Global Markets Ltd., The Hongkong and Shanghai Banking Corp. Ltd., and Standard Chartered Bank as joint lead managers for the new securities offer and as dealer managers for the tender offer.
Morrow Sodali Ltd. was appointed as tender and information agent for the tender offer.
Shares in ICTSI on Monday closed 1.16% higher at P105 apiece. — Arjay L. Balinbin