The debt facilities of Ports America and MTC Holdings have been refinanced to create a “single, unified capital structure”. A Royal Bank of Canada-led consortium of lenders provided a new five-year, $475m senior secured credit facility, including $170m of revolving credit and letter of credit facilities, while Holdco provided a seven-year, $375m facility.
The Holdco facility was provided Canada Pension Plan Investment Board subsidiary CPPIB Credit Investments Inc. CPPIB will take a 10% equity stake in Ports America; Highstar Capital retains its majority stake in Ports America.
Highstar Capital founder and managing partner Christopher Lee said: “CPPIB is one of the largest pension funds in the world and one of the most respected leaders in infrastructure investing. We believe its global reach, knowledge of the ports sector, and aligned views will provide us with the ability to continue to grow and continue to expand our business, both within the US and internationally.”