Ports America Announces Refinancing
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.
Ports America Appoints Tilden
Douglas Tilden has been named to the advisory board of Ports America Group. Tilden most recently served as chairman of Ports America Group, the largest stevedoring and terminal operating company in the Americas providing services at 97 terminals in 50 U.S. ports. Ports America Group (PAG) is an affiliated group of terminal operating companies owned by Highstar Capital, a leading infrastructure fund. Tilden’s career in the shipping industry began in 1969 with United States Lines. His most recent position as chairman of Ports America Group led to his appointment as senior strategic analyst to the advisory board, which oversees the operation of Ports America Group.
New President at Embarcadero Systems
Embarcadero Systems Corp. (ESC), a division of MTC Holdings and global provider of innovative transportation technology solutions, has announced the appointment of Richard Beedenbender as its new president, replacing Scott Skillman who left to pursue other opportunities.
