International Container Terminal Services Inc. on Monday said it
raised another $100 million from the second tranche of its $750 million
medium-term note program, the company said in a disclosure to the
Philippine Stock Exchange.
Demand for the
corporate notes reached more than $1.5 billion, said UBS managing
director Lauro Baja, noting the notes were 15 times oversubscribed that
the whole exercise was done within an hour.
There were 78 account participants, Baja said, adding that 60 percent of
the float went to fund managers, 26 percent to banks, 10 percent to
private banks, and four percent to insurers and other investors.
The notes carried a fixed interest coupon of 4.625 percent a year, with interest payable twice a year.
“This is much better than the 4.75 percent issued two weeks ago. This
will be fungible with their existing 2013 bond. They have a note program
which allows them to raise bonds quickly and opportunistically,” Baja
noted.
UBS and HongKong and Shanghai Banking Corp. (HSBC) were hired as book runners for the fund raising activities.
On Jan. 11, ICTSI raised $300 million in a 10-year bond issue priced at a yield rate of 4.75 percent. — VS, GMA News
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