ICTSI, Metrobank Seal $750-M Loan

International Container Terminal Services Inc. (ICTSI) and Metropolitan Bank and Trust Co. (Metrobank) have transacted their biggest credit and bilateral loan facility yet worth $750 million or roughly P42.6 billion.

ICTSI is considered to be one of the world's largest independent terminal operators. I Photo: ICTSI

Metrobank said the ICTSI loan is the biggest six-year bilateral facility the bank has granted to a corporation. Proceeds of the loan facility will be for port operations across the globe by ICTSI, considered to be one of the world's largest independent terminal operators.

ICTSI runs 34 ports in 20 countries.

It, also intends to refinance short-term obligations and to fund strategic mergers and acquisitions (M&As), according to the firm’s Executive Vice President Christian R. Gonzalez, adding the Metrobank loan will allow the port terminal operator to explore M&A deals “of all sizes” and to be more “globally competitive, more efficient, and more accessible.”

For this year, ICTSI has allocated $400 million in capital expenditures to improve the “productivity and the effectivity” of its terminals worldwide.

ICTSI has been in the business of port development, and management. and operations in the Asia Pacific, the Americas, Europe, the Middle East, and Africa.

Metrobank is one of the largest lenders in the Philippines with consolidated assets of P2.9 trillion as of end-June, a total capital adequacy ratio of 17.9%, and a Common Equity Tier 1 ratio of 17.1%, considered among the highest in the industry.

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