On May 21st, 2009, Calyon acted as mandated lead arranger and bookrunner for a USD 150 million 3-year Term Loan Facility for International Container Terminal Services, Inc. (“ICTSI”). The club deal gathered Calyon and seven other banks.

The proceeds will be used to refinance substantially all of the remaining outstanding balance of ICTSI’s USD 250 million 3-year Syndicated Revolving Credit Facility due in December 2010. It will result in ICTSI having no substantial debt repayments due until the second half of 2011.

The USD 150 million 3 year term loan facility is to-date the largest executed and funded loan for a Philippine borrower in 2009.
Rafael J Consing, Vice President & Treasurer of ICTSI, commented “We are pleased with the strong confidence demonstrated by international banks in ICTSI despite today’s challenges in the credit market. This facility achieves twin strategic objectives for ICTSI. First, it eliminates all our refinancing risk in the next 24 months. And second, it positions our capital structure so as to better take advantage of acquisition opportunities that we expect to arise from this unprecedented global crisis.” 

In 2007, Calyon acted as mandated lead arranger and bookrunner for a USD 250 million 3-year Syndicated Revolving Credit Facility for ICTSI Capital B.V. guaranteed by ICTSI. Calyon has also concluded various capital markets transactions with ICTSI.

ICTSI is a leading developer of international ports and terminals with a global portfolio spanning 13 countries in four continents. Headquartered in the Philippines, ICTSI is on its 20th year of operation, and continues to pursue container terminal opportunities around the world.