Manila-headquartered International Container Terminal Services Inc (ICTSI) has secured a six-year $750m loan from Metropolitan Bank & Trust Co (Metrobank) to boost its global port operations.
The largest credit facility secured by ICTSI to date and the largest bilateral facility extended by Metrobank will be utilised to repay the terminal operator’s short-term commitments as well as to support strategic mergers and acquisitions.
ICTSI had previously invested in both new and existing terminals to support the expansion of its offshore and domestic activities and has earmarked around $400m in capital expenditures this year to improve productivity and efficiency at various terminals.
Christian R. Gonzalez, ICTSI executive vice president, chief compliance officer and chief sustainability officer, said: “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 size.”
Established nearly 36 years ago in the Philippines, ICTSI today operates 32 terminals in 19 countries.
