International Container Terminal Services Inc. said Thursday its board approved a plan to borrow $750 million from Metropolitan Bank & Trust Co.
ICTSI, the port operations business of tycoon Enrique Razon., didn’t immediately disclose how it will use the proceeds of the six-year loan.
The company has total long-term debt of $1.83 billion, with nearly half maturing between 2024 and 2026.
ICT is involved in 33 terminal concessions and port development projects in 20 countries worldwide. It has nine terminal operations in the Philippines.
