International Container Terminal Services, Inc. (ICTSI) reported that it is extendering its tender offer after it bought back 24.72 percent of the $264.86 million worth of its Perpetual Securities.
In a disclosure to the Philippine Stock Exchange, the firm said a total of $65.48 million Perpetual Securities were submitted in the tender offer and these were all accepted by wholly owned subsidiary and issuer Royal Capital B.V.
Royal Capital invited holders of its U.S.$450 million 5.500 percent Senior Guaranteed Perpetual Capital Securities (of which U.S.$264.86 million) was outstanding) to tender for purchase for cash.
The tender offer period ended last July 14 and ICTSI is announced the extension on the Tender Offer period up to July 29, 2020.
Under the tender offer, the issuer offered security holders a price of U.S.$1,007.50 per U.S.$1,000 in principal amount of Perpetual Securities.
Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation Limited and Standard Chartered Bank acted as Dealer Managers for the transaction. On the other hand, Morrow Sodali Limited acted as tender and information agent for the Tender Offer.
ICTSI said Royal Capital will also be issuing new senior perpetual securities guaranteed by ICTSI for a still undetermined amount. “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.