Philippines-based international container terminal operator ICTSI has obtained a US$120M standby credit line, to finance further acquisitions, from a consortium of banks led by ABN Amro Bank NV in the Netherlands. ICTSI Capital BV has been set up as the borrowing company, backed by ICTSI’s guarantees. ICTSI’s chairman and CEI Enrique K Razon Jr said that the company expects to announce a new concession soon and more new business “is in the pipeline.”
This is the first time that Manila-based ICTSI has sought finance from the international syndicated loan market. According to the company’s newly appointed chief financial offcier (CFO) Martin O’Neil, it originally sought a credit facility of US$80M but this was heavily oversubscribed and it decided to “upsize the deal.”...
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This complete item is approximately 275 words in length, and appeared in the November 2006 issue of WorldCargo News, on page 7.
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