Port management company International Container Terminal Services Inc. (ICTSI) has entered into a loan facility agreement with Metropolitan Bank & Trust Co. (Metrobank) to finance its port expansion. This marks the largest credit facility obtained by ICTSI, with a tenure of six years.
According to Metrobank, this bilateral facility is the most substantial extension it has provided so far.
“ICTSI plays a vital role in various markets,” said Mylene Caparas, head, Institutional Banking Sector at Metrobank. “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.”
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For this year, ICTSI has allocated $400 million for its capital expenditures aimed at enhancing its terminals.
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“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 Christian Gonzalez, EVP, chief compliance officer and chief sustainability officer, ICTSI. “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.”
The terminal operator is also exploring options to refinance its short-term obligations and to fund strategic mergers and acquisitions, while continuing investments in both new and existing terminals.
In 2019, ICTSI Global Finance B.V., a subsidiary of ICTSI, secured a seven-year loan of $300 million from Metrobank to support its capital expenditures.
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