ICTSI secures $150-million club loan

MANILA, Philippines - Port operator International Container Terminal Services Inc. (ICTSI) has secured a $150-million loan from a group of foreign banks.

In a disclosure to the Philippine Stock Exchange, ICTSI said the three-year loan facility will be extended by a consortium of seven foreign banks – the Bank of Tokyo-Mitsubishi UFJ Ltd., Calyon, the Hongkong and Shanghai Banking Corp. Ltd., Australia and New Zealand Banking Group Ltd., Chinatrust (Philippines) Commercial Bank Corp., Citibank NA and Mizuho Corporate Bank Ltd.

“Proceeds of the loan facility will be used to refinance substantially all of the remaining outstanding balance of the company’s $250-million revolving and term loan facility due in December 2010, and will result in ICTSI having no

substantial debt repayments due until the second half of 2011,” ICTSI said.

ICTSI scaled down its capital expenditure budget for this year by half to P2.46 billion, citing the tough business environment.