Marine Link
Monday, September 26, 2016

Ports America Announces Refinancing

February 5, 2014

The Ports America Companies successfully refinanced the debt facilities of both Ports America, Inc. (PAI) and MTC Holdings, Inc. (MTC) into a single, unified capital structure.

The refinancing consisted of a new five-year, $475-million senior secured credit facility, including $170 million of revolving credit and letter of credit facilities, and a new seven-year, $375-million Holdco financing. The senior facility was provided by a group of new and existing lenders and led by Royal Bank of Canada (RY). The Holdco facility was provided by CPPIB Credit Investments Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB), a global institutional investor with more than $190 billion of assets under management and a leading infrastructure and credit investor. Concurrent with the transaction, CPPIB will own a 10 percent equity participation in the company. Highstar Capital remains majority owner of Ports America.

Kevin Brown, Ports America Chief Financial Officer, commented on the process: “This financing consolidates the separate legacy credit facilitates of MTC and PAI into one integrated financing and provides for a long-term capital structure that will give the company the flexibility and runway to continue to be successful.”

Ports America Chief Executive Officer Michael Hassing, expanded upon this accomplishment, saying, “This new partnership further affirms Ports America’s commitment to our customers, supply chain partners and employees. The refinancing and investment allows us to continue to strengthen our position as an industry leader and best in class terminal operator. Most importantly, our management and staff remain dedicated to ensuring future growth, value creation, and world class customer service.”

Ports America was advised by Goldman Sachs and Perella Weinberg Partners LP and its legal adviser was Cleary, Gottlieb, Steen & Hamilton LLP.

portsamerica.com
 



Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News