International Container Terminal Services Inc. said its subsidiary will issue new senior perpetual bonds for debt refinancing, acquisitions and capital expenditures (capex).
The board of ICTSI approved the issuance by Royal Capital B.V. of new senior perpetual securities guaranteed by the port operator.
The company did not disclose the size and the rate of the new bonds to be issued by the ICTSI subsidiary.
“This is an opportunistic new issue of senior perpetuals, targeting minimum benchmark size,” ICTSI senior vice president and chief financial and compliance officer Rafael Consing said.
Consing said ICTSI’s unit would use proceeds from planned issuance to finance acquisitions, capex and stretch liabilities.