Global port operator International Container Terminal Services, Inc. (ICTSI) has secured a US$750 million loan from the fourth largest bank in the Philippines, Metropolitan Bank & Trust Co. (Metrobank).
To date, this is the biggest credit facility secured by ICTSI and the largest bilateral facility extended by Metrobank.
ICTSI aims to further expand its port operations worldwide through this financial boost, saying that “proceeds of the six-year loan facility will be used to refinance the global port operator’s short-term obligations and to fund strategic mergers and acquisitions.”
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. 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,” commented Christian R. Gonzalez, ICTSI executive vice president, chief compliance officer and chief sustainability officer.
It is important to note that in 2019, ICTSI Global Finance B.V., a subsidiary of ICTSI, also secured a seven-year loan amounting to US$300 million from Metrobank to fund its capital expenditures and to refinance its then-existing obligations.
