Philippine port operator International Container Terminal Services ICTS has raised $250 million from the sale of senior unsecured Reg-S 10-year notes. The bonds, which are not rated, priced last Wednesday.
The deal carries a 7.375% fixed-rate coupon and was priced at par, resulting in a yield of 7.375% as well. This was equal to a spread of 365.4bp over the equivalent 10-year US Treasury yield. It was also 185bp wider than the Philippine 2020 sovereign. The ICTS bonds will mature on March 17, 2020.
The issue was treated as a debut placement since ICTS hasn't sold US dollar-denominated bonds since 1997. It is also the first corporate issue from...
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