LISTED International Container Terminal Services, Inc. (ICTSI) announced on Wednesday that its subsidiary Royal Capital B.V. was raising $300 million from the issuance of senior unsecured perpetual capital securities for refinancing and general corporate purposes.

Proceeds will also be used to “potentially fund a tender offer for certain existing senior guaranteed perpetual capital securities,” ICTSI said in a disclosure to the stock exchange.

The listed port operator said its board of directors approved on Tuesday the terms and conditions of the new securities offer of Royal Capital, setting the price at 98.979%. The distribution rate was set at 5% per annum, payable semi-annually in arrears.

The joint lead managers for the new securities offer are Citigroup Global Markets Ltd., The Hongkong and Shanghai Banking Corp. Ltd., and Standard Chartered Bank.

On Monday, ICTSI announced that Royal Capital was offering cash to the holders of its outstanding $450 million 5.5% senior guaranteed perpetual capital securities as part of its strategy to manage the profile of its existing financings.

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. Morrow Sodali Ltd. was appointed as tender and information agent for the tender offer.

Shares in ICTSI on Wednesday closed 2.44% lower at P100 apiece. — Arjay L. Balinbin