GPA to sell revenue bonds to fund infrastructure upgrades

Port of Savannah

The Georgia Ports Authority (GPA) has announced its plans to sell approximately $425 million in revenue bonds in order to fund infrastructure projects at the Port of Savannah.

The bonds, which are to be offered for sales during the week of 18 October 2021, will fund capital improvements to expand the GPA’s capacity to serve the largest vessels calling on the US East Coast and to better handle continued cargo growth which is expected to continue due to surging demand.

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.

In a statement from the GPA, it said the sizing, timing, and structure of the bond issue is subject to market conditions, and the GPA reserves the right to change or modify its plans as it deems appropriate. Therefore, there is no guarantee any anticipated transaction will be commenced or completed.

Anyone interested in additional information regarding the bonds has been recommended to contact one of the aforementioned firms or their investments broker.

Previously, the GPA has approved several projects that will increase capacity as the Port of Savannah to more than six million TEU. Announced in March 2021, the GPA revealed it will expand operations by adding 2,100 grounded container slots as part of the Peak Capacity Project, this will increase yearly yard throughput by 650,000 TEU a year over two phases.

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