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 USD190 billion of assets under management and a leading infrastructure and credit investor. Concurrent with the transaction, CPPIB will own a 10 percent equity participation in the company. Highstar Capital remains majority owner of Ports America.
Highstar Capital Founder and Managing Partner Christopher Lee said regarding the refinancing: “We are very excited to welcome CPPIB as new partner in the Ports America business. 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.
This new partnership further affirms Ports America’s commitment to our customers, supply chain partners and employees as we continue to strengthen our position as a leader and best in class terminal operator.”
Ports America was advised by Goldman Sachs and Perella Weinberg Partners LP and its legal adviser was Cleary, Gottlieb, Steen & Hamilton LLP.