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The Georgia Ports Authority (GPA) has announced plans to issue approximately $ 425 million in income bonds by public offering to fund infrastructure projects in the Port of Savannah.
The bonds are expected to be offered for sale during the week of October 18. The GPA plans to issue the preliminary official statement and investor presentation regarding the bonds on or around Friday, October 8.
The bonds will fund capital improvements to expand GPA’s ability to service the larger vessels calling on the U.S. east coast and to better manage the growth GPA expects in its long-term forecast. The Garden City Terminal in Savannah is the nation’s largest single-operator container terminal and the central port in the Southeastern United States.
The bonds will be offered by a syndicate led by senior executive BofA Securities, Inc., along with Academy Securities, Inc., Citigroup Global Markets Inc., JP Morgan Securities LLC, Raymond James & Associates, Inc., Siebert Williams Shank & Co. , LLC, and Wells Fargo Bank, National Association as co-managers.
The size, timing and structure of the bond issue are subject to market conditions, and GPA reserves the right to change or modify its plans as it deems appropriate. There is no guarantee that the planned transaction will be started or completed.
This notice does not constitute a recommendation or an offer or a solicitation to buy or sell any security or other financial instrument, including bonds, or to adopt an investment strategy. Any offer or solicitation regarding the Bonds will be made only by way of the official preliminary and final statement relating to those Bonds, which will describe the actual terms of the Bonds. Those interested in further information regarding the Bonds should contact one of the listed companies or their broker or investment advisor.
Georgia’s deepwater ports and inland barge terminals support more than 496,700 jobs statewide each year and contribute $ 29 billion in revenue, $ 122 billion in revenue and $ 3.4 billion in state and local taxes to the economy of Georgia. The Port of Savannah handled 9.3% of total U.S. containerized cargo volume and 10.5% of all U.S. containerized exports in fiscal 2020.
For more information, visit gaports.com or contact GPA Director of Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.
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