International Container Terminal Services, Inc., (ICTSI) through subsidiary Royal Capital B.V., is making a tender offer for US$264.86 million worth of 5.5 percent Senior Guaranteed Perpetual Capital Securities.
In a disclosure to the Philippine Stock Exchange, ICTSI said the US$264.86 million is the outstanding portion of Royal Capital’s US$450 million Perpetual Securities.
The tender offer is for purchase for cash any and all the Perpetual Securities.
ICTSI said Royal Capital will also be issuing new senior perpetual securities guaranteed by ICTSI for a still undetermined amount.
The acceptance for purchase of Perpetual Securities validly tendered in the Tender Offer is subject to the pricing of the New Securities to be issued under the New Securities Offer and the signing of a subscription agreement among the Issuer, the Company and the joint lead managers appointed for the New Securities Offer.
“The Company is undertaking the Tender Offer (through Royal Capital) as part of its strategy to manage the profile of its existing financings,” said ICTSI.
The tender offer started on July 6 and will end on July 14 while payment will be on July 16, 2020.
ICTSI has tapped Citigroup Global Markets Limited (Citigroup), The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Standard Chartered Bank (SCB) to be the joint lead managers for the New Securities Offer and as dealer managers for the Tender Offer.