International Container Terminal Services (ICTSI ) has signed a three-year amortising loan agreement worth $150m with seven foreign banks.

The Bank of Tokyo-Mitsubishi UFK, Calyon , HSBC, Australia and New Zealand Banking Group, Chinatrust (Philippines) Commercial Bank Corporation, Citibank and Mizuho Corporate Bank are funding the loan.

The company will use the sum to refinance an outstanding balance of $250m-revolving and term loan facility due in December 2010.

ICTSI, headquartered in the Philippines, develops international ports and terminals in 13 countries across four continents.

By staff writer