Ports America Announces Refinancing

MarineLink.com
Wednesday, February 05, 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. 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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

Seaspan Responds to Canada’s NSS Announcement

In response to the Government of Canada’s announcement of a series of enhancements to strengthen the National Shipbuilding Strategy, Seaspan Shipyards’ president

Ports

Port of Caen Orders Damen ASD Tug 2810

The Port of Caen/Chamber of Commerce & Industry Caen Normandy (Chambre de Commerce et d’industrie de Caen Normandie) has placed an order for a Damen ASD Tug 2810.

Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT

Aquino: China Breaks South China Sea Deal

Philippine President Benigno Aquino on Thursday accused China of breaking a U.S.-brokered deal between the two nations on the Scarborough Shoal, an uninhabited rocky outcrop in the South China Sea.

Finance

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

News

Bay Shipbuilding Delivers ATB to Moran

Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel

Conrad Shipyard Christens Woods Hole Ferry

M/V Woods Hole, a 235-foot long passenger ferry built for the Steamship Authority of Woods Hole, Mass., was christened on May 20 at Conrad Aluminum in Amelia, La.

Ferry Crew-member Missing off Pembroke Coast

HM Coastguard is coordinating the search for a missing crew-member from a ferry, who it is believed may have gone overboard off the Pembroke coast.   The Coastguard

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1181 sec (8 req/sec)