The Georgia Ports Authority (GPA) is planning to issue via public offering approximately US$425 million in revenue bonds to fund infrastructure projects at the Port of Savannah.
In particular, the bonds that are set to be offered for sale during the week starting on 18 October, will fund capital improvements for the Savannah’s Garden City Terminal capacity, as a part of GPA’s effort to serve the largest vessels calling on the US East Coast and to better handle the growth expected in the port’s long-term forecast.
The bonds will be offered by a syndicate led by senior manager BofA Securities, Inc., with Academy Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Raymond James & Associates, Inc., Siebert Williams Shank & Co., LLC, and Wells Fargo Bank, National Association as co-managers.
However, there is no guarantee that the anticipated transaction will be commenced or completed. The size, timing and structure of the bond issue are subject to market conditions, and the GPA has the right to change or modify its plans as it deems appropriate, according to a statement.
“Any offer or solicitation with respect to the bonds will be made solely by means of the preliminary and final official statement relating to such bonds, which will describe the actual terms of the bonds,” noted the Georgia Ports Authority.
