Metropolitan Bank & Trust Co., one of the largest lenders in terms of assets, is extending a $750-million (P42 billion) loan to International Container Terminal Services Inc. to further expand the latter’s port operations worldwide.
Metrobank said in a statement Thursday the amount was the largest bilateral facility it extended so far. It was also the biggest credit facility secured by ICTSI, one of the world’s largest, independent terminal operators across six continents.
Proceeds of the six-year loan facility will be used to refinance the global port operator’s short-term obligations and fund strategic mergers and acquisitions, it said.
Metrobank said the financial support to ICTSI serves as a platform to fulfill its ambitious strategic development plans and further economic growth.
“ICTSI plays a vital role in various markets. Its efforts in building catalysts of growth worldwide make the Filipino standard, a goal for all. We are happy to be able to support ICTSI’s global initiatives and we are proud to play a role in its success,” Metrobank institutional banking sector head Mylene Caparas said.
ICTSI holds a strong track record for investing in both new and existing terminals that will fuel the growth of its offshore and domestic operations.
“Our long-standing relationship with Metrobank enables us to carry out our objective of continuously making our terminals around the world more globally competitive, more efficient, and more accessible,” said ICTSI executive vice president, chief compliance officer and chief sustainability officer Christian Gonzalez.
“At the same time, this relationship enables us to act more proactively on M&A opportunities of all sizes. Metrobank has been a tremendous partner for us in building our global portfolio and in expanding our position as one of the Philippines’ true global corporate players,” Gonzalez said.
ICTSI earmarked $400 million for 2023 capital expenditures to improve productivity and effectivity of various terminals.
ICTSI Global Finance B.V., a subsidiary of ICTSI, also secured a seven-year loan amounting to $300 million from Metrobank in 2019 to fund capex and refinance then existing obligations.
