Ports America Holdings withdraws $630 million secured notes offering

By Paul A. Harris

Portland, Ore., Oct. 16 – Ports America Holdings, LLC and Ports America Bond Co-Issuer, Inc. have withdrawn their $630 million offering of eight-year senior secured notes (Ba2/BB-), according to market sources.

The deal ran a roadshow through the present week and had been scheduled to price late in the week.

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

Goldman Sachs & Co. LLC was the left bookrunner.

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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