Ports America starts roadshow for $630 million eight-year notes; initial talk low 4% area

By Paul A. Harris

Portland, Ore., Oct. 13 – Ports America Holdings, LLC and Ports America Bond Co-Issuer, Inc. began a telephone roadshow on Tuesday for a $630 million offering of eight-year senior secured notes, according to market sources.

Initial price talk has the notes coming to yield in the low 4% area, a trader said.

The roadshow wraps up Wednesday, and the Rule 144A and Regulation S for life deal is set to price later in the Oct. 12 week.

Goldman Sachs & Co. LLC is the left bookrunner. Credit Agricole CIB and ING Financial Markets LLC are the joint bookrunners. SG Americas Securities LLC is the co-manager.

The notes come with three years of call protection.

The Jersey City-based provider of terminal and stevedore services plans to use the proceeds, together with a bridge loan, to repay the term loan portion of its 2018 senior credit facility and related fees and expenses, including swap breakages fees.

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