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ICTSI shores up $300m perpetual bond

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 perpetual bond, which international accounting standard rules count as equity, will strengthen ICTSI’s balance sheet without diluting existing shareholders. In 2011, the company issued its first subordinated perpetual.

Source: FinanceAsia


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