In a disclosure to the Philippine Stock Exchange, ATI said BDO Capital & Investment Corp. and SB Capital Investment Corp. will arrange the loan. The loans will mature in five to seven years.
ATI, which operates the South Harbor in Manila and the Port of Batangas had P3 billion in outstanding debts as of end-September 2005. It has no foreign debt.
From January to September, ATI paid off P77.2 million to ANZ Bank and amortized a P100-million loan with Hong Kong and Shanghai Banking Corp. (HSBC).
ATI is pursuing the upgrade of its flagship Manila South Harbour terminal, despite setbacks last year in its international container and non-container operations.
An affiliate of global marine terminal operator P&O Ports, ATI operates in four of the country’s major ports: South Harbor at the Port of Manila, Mariveles Grain Terminal in Bataan, Port of Batangas, and the Port of General Santos in South Cotabato.
P&O Ports is a world leader in cargo handling services and port management throughout Europe, the United States, South America, Asia, Africa and Australasia with 27 container terminals and logistics operations in over 100 ports in 18 countries.
In line with ATI’s long-term commitment to the development of the South Harbor, the company has undertaken additional investments on the container yard and back-up area expansions and port facilities and equipment.
At the Eva Macapagal Super Terminal, ATI has undertaken civil works involving rehabilitation of piers, installation of additional pier lighting structures and expansion of area for stuffing operations during the year’s first half. Further expansion of the current 300,000-twenty foot equivalent units (TEU) container yard for an additional 200 TEUs is programmed towards the end of the year.
ATI posted a net income of P431.3 million in the nine months ending September this year to P431.3 million, an increase of 76.5 percent from P244.3 million from the same period last year, with increased revenue and cost efficiency.
Interest expenses rose 15 percent or by P45.9 million because of increased loans and average interest rates.