North America: Terminal Investments closes private placement, exceeds expectations

23 March 2018 - 12:00 am UTC

Terminal Investments Limited (TIL) priced its multi-currency USD 672m private placement after a strong reaction in the market, Inframation has learned.

The transaction went well beyond initial expectations of a USD 200m-300m fundraise following a roadshow that took place last month.

The private placement was split into four tranches and arranged by Citi and RBS NatWest Securities: a 7-year USD 100m 4.96% tranche, a 10-year USD 175m 5.1% tranche, a 12-year USD 175m 5.2% tranche and a 12-year EUR 180m (USD 222) 2.83% tranche. The funding is at the holdco level and not at the port level.

Global Investment Partners (GIP) and a group of its co-investors completed the acquisition of 35% in TIL for EUR 1.5bn (USD 1.9bn) from the Mediterranean Shipping Company (MSC) in 2013. The Swiss-based company today controls 34 container ports, one terminal in development and has purchased interests in two more developments. MSC remains the largest customer of the ports and still owns the remaining equity in the company.

GIP declined comment on the situation. Citi did not return calls seeking comment and RBS NatWest could not be reached immediately.

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Terminal Investments