PAC in $103.22 Million Offering
May 22, 2019
Cleary Gottlieb represented Ports America Chesapeake LLC (PAC) in connection with the offering by the Maryland Economic Development Corp. (MEDCO) of $41.01 million Series 2019A and $62.21 million Series 2019B Economic Development Revenue Bonds (Terminal Project).
The proceeds of the offering will be used to finance a portion of the costs of renovating and improving Berth III at the Seagirt Terminal, including purchasing and installing four new super post-Panamax cranes. The Seagirt Terminal is one of four ports on the east coast of the United States that can handle super post-Panamax container vessels.
The transaction priced on May 8, 2019, and closed on May 22, 2019.
PAC is a subsidiary of Ports America Group Inc., the largest container terminal operator and stevedore in North America, with operations in many major U.S. ports.