International Container Terminal Services, Inc. is raising an additional $200 million from US dollar-denominated corporate notes primarily to refinance $150 million in debt maturing in the next three years.

In a disclosure to the Philippine Stock Exchange, ICTSI said the additional issue will carry a coupon rate of 7.375 percent per annum payable semi-annually and will mature on March 17, 2020.

ICTSI said the re-offer price is 102.627 for a 7 percent yield. The notes will be listed with the Singapore Exchange Securities Trading limited.

The additional notes comes after the successful issue of $250 million senior notes last March 17 by ICTSI. It said that these notes “shall be a further issuance of, and shall be consolidated and form a single series” with the $250 million senior notes it issued earlier.

The firm noted that the offering will be under such terms and conditions that it will not require ICTSI to register the notes under the securities laws in the US or other jurisdictions, including the Philippines.

ICTSI has appointed the Hongkong and Shanghai Banking Corporation Limited and UBS AG, Hong Kong Branch as joint bookrunners and joint lead managers for the planned issuance.

The $250-million senior notes earlier issued by ICTSI carry a coupon rate of 7.375 percent per annum, payable semi-annually in arrear, and were to be listed with the Singapore Exchange Securities Trading Limited.

The proceeds of the notes offering will be used to fund the company’s investments in existing and new terminal construction activities, refinance some of its existing debts and for other general corporate purposes.

For the previous issue, ICTSI appointed The Hongkong and Shanghai Banking Corporation Limited and J.P. Morgan Securities Ltd. as joint bookrunners and joint lead managers.

The firm reported a 15 percent drop in consolidated net income attributable to equity holders to $54.9 million last year from the $64.2 million earned in 2008.

ICTSI said the decline was mainly due to lower volume brought about by the decline in global trade, higher interest expense due to higher debt level, and higher depreciation expense associated with continued investment in container handling capacities.