Publicly listed International Container Terminal Services Inc. (ICTSI) announced on Wednesday that its subsidiary, ICTSI Treasury B.V., has established a medium-term note program, which has aggregate nominal amount not exceeding $750 million.

In a statement, ICTSI said that its Board of Directors confirmed, ratified and approved on early Wednesday the establishment of a medium-term note program by its subsidiary, ICTSI Treasury B.V.

”In connection with the establishment of the program, the Board of Directors also approved and ratified the issuance of the first tranche of notes under the program based on terms and conditions which will be determined/ratified by the Board of Directors in the coming days,” ICTSI said.

ICTSI and ICTSI Treasury B.V. also signed on Wednesday all the relevant program documents that are related to the transaction.

Recently, ICTSI said that its board approved the appropriation of a portion of its existing retained earnings, amounting to $83 million, for additional working capital requirements of its domestic and foreign expansion projects in 2013.

Also, ICTSI pulled out its business operation in Syria because of civil unrest and violence in that country.

In its previous disclosure to the local bourse, ICTSI said that through Tartous International Container Terminal (TICT), its wholly-owned subsidiary in Syria, it filed a “notice of termination” of its investment agreement with Tartous Port General Co. (TPGC).

The disclosure said that TICT was compelled to send the notice of termination because of TPGC’s consistent refusal to recognize the occurrence of “unforeseen change of circumstances” brought about by civil unrest and violence, which have gravely affected business and trade in Syria.