International Container Terminal Services Inc. (ICTSI) has locked in a $1-billion loan from BDO Unibank Inc., adding fresh financial firepower as the port giant pushes ahead with major expansion projects at home and abroad.

“ICTSI signed today a $1.0 billion term loan facility agreement with BDO Unibank, Inc., with ICTSI as Borrower. The facility has a tenor of 10 years,” ICTSI said in a disclosure on Tuesday.

While ICTSI did not disclose the loan’s interest rate or how the proceeds would be allocated among its projects, the fresh borrowing comes as the port operator ramps up capital spending across its global portfolio.

ICTSI has earmarked about $740 million for capital expenditures this year, including funds to complete Phase 3B of Contecon Manzanillo S.A. de C.V.’s (CMSA) expansion in Mexico.

The project is expected to increase CMSA’s annual handling capacity to 2 million twenty-foot equivalent units (TEUs) from approximately 1.8 million TEUs currently.

Phase 3B includes an additional 227 meters of quay and the acquisition of two quay cranes and nine rubber-tired gantries.

CMSA has also secured approval to handle vessels with drafts of up to 15.5 meters, making it the only terminal operator at the Port of Manzanillo with such capability.

The authorization allows the terminal to accommodate vessels as long as 400 meters, including ultra-large container ships capable of carrying up to 24,000 TEUs.

ICTSI is also preparing for further investments at home after recently securing another 25 years to operate its flagship Manila International Container Terminal (MICT), extending its concession with the Philippine Ports Authority until May 2063 from May 2038.

MICT’s annual capacity is projected to increase to 3.7 million TEUs by 2027.

ICTSI is likewise expanding its footprint in Brazil, where it recently announced plans to invest about $130 million to acquire two dry bulk port terminal concessions through wholly owned subsidiary ICTSI Americas B.V.

The transaction covers 100 percent of ATU12 Arrendatária Portuária SPE S.A. and ATU18 Arrendatária Portuária SPE S.A., which hold the rights to operate the ATU12 and ATU18 terminals at Aratu Port in Bahia.

ICTSI operates 33 terminals in 19 countries and is one of the world’s largest independent port operators.