International-Matex to refinance Gulf Opportunity, New Jersey bonds

By Marisa Wong

Madison, Wis., May 11 – IMTT Holdings LLC (International-Matex Tank Terminals) will purchase $509 million of its outstanding Gulf Opportunity Zone bonds and New Jersey Economic Development Authority bonds using proceeds from a bond purchase facility, according to an 8-K filing with the Securities and Exchange Commission.

IMTT wholly owned direct subsidiary ITT Holdings LLC, a wholly owned indirect subsidiary of Macquarie Infrastructure Co. LLC, executed a credit agreement on May 8 to include the $509 million bond purchase facility as well as a $550 million revolving credit facility and a Canadian dollar equivalent $50 million revolver.

The Gulf Opportunity Zone bonds will be reissued and sold to lenders under the credit agreement, and the New Jersey bonds will be refinanced with a new issue of tax-exempt bonds to be sold to lenders. The reissuance and refinancing are expected to occur on May 21, which will be the effective date of the credit agreement.

The tax-exempt bonds to be reissued or newly issued will include the following:

• $50 million of Louisiana Public Facilities Authority revenue bonds, International-Matex Tank Terminals Project, series 2007.

These bonds will mature on June 1, 2043 and will carry a coupon equal to 75% of one-month Libor plus 62.5 basis points;

• $165 million of Industrial Development Board of the Parish of Ascension, La., Inc. revenue bonds, IMTT-Geismar Project, series 2007.

These bonds will mature on June 1, 2043 and will carry a coupon equal to 75% of one-month Libor plus 62.5 bps;

• $85 million of Louisiana Public Facilities Authority Gulf Opportunity Zone revenue bonds, International-Matex Tank Terminals Project, series 2010.

These bonds will mature on Aug. 1, 2046 and will carry a coupon equal to 67% of one-month Libor plus 62.5 bps;

• $90,895,000 of Louisiana Public Facilities Authority Gulf Opportunity Zone revenue bonds, International-Matex Tank Terminals Project, series 2010A.

These bonds will mature on Dec. 1, 2040 and will carry a coupon equal to 67% of one-month Libor plus 62.5 bps;

• $81,780,000 of Louisiana Public Facilities Authority Gulf Opportunity Zone revenue bonds, International-Matex Tank Terminals Project, series 2010B;

These bonds will mature on Dec. 1, 2040 and will carry a coupon equal to 67% of one-month Libor plus 62.5 bps; and

• $36.3 million of New Jersey Economic Development Authority revenue refunding bonds, IMTT-Bayone Project, series 2015.

These bonds will mature in December 2027 and will carry a coupon equal to 75% of one-month Libor plus 62.5 bps.

All of the Louisiana and New Jersey tax-exempt bonds will be putable at par in 2022 and, following a non-call period of two to six years, are prepayable at 102 for the first year, stepping down to par after the third year.

International-Matex is a bulk liquid storage company based in New Orleans. Its parent company Macquarie Infrastructure, an investor in infrastructure businesses, is based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.