NEW
YORK, Feb. 6, 2025 /PRNewswire/ -- ING Capital
LLC today announced the closing of $424
million in credit facilities for International
Transportation Service (ITS), to support a significant terminal
redevelopment that will expand yard capacity by 50% and electrify
its current fleet. ITS is a container terminal operator owned by a
Macquarie Asset Management (MAM) managed vehicle at the Port of
Long Beach within the San Pedro
Bay complex in Southern
California.
ING Capital LLC acted as the Administrative Agent, Joint Lead
Arranger, Sole Taxable Debt Bookrunner, and Joint Sustainability
Coordinator for ITS' $424 million
credit facilities. These facilities comprise $224 million in taxable and $200 million in tax-exempt financing.
ITS' terminal redevelopment plan includes a slip-fill project
with an estimated capex spend of ~$300
million and the planned expansion will increase yard
capacity, to accommodate up to two 18,000 Twenty-Foot Equivalent
Unit (TEU) vessels simultaneously. As part of this redevelopment,
ITS will electrify its current terminal fleet to meet the
California Clean Air Action Plan (CAAP) targets.
Under the guidance and support of the City of Long Beach, ITS is making strategic
investments in critical decarbonization initiatives for port and
terminal operators, with the goal of achieving net-zero emissions.
To facilitate these initiatives, up to $100
million of the credit facilities have been designated as
Green Loans, specifically aimed at procuring electrified terminal
equipment. These efforts are in alignment with parallel initiatives
by the Port of Long Beach and
other regional terminal operators. Key decarbonization levers
include electrification and the adoption of other zero-tailpipe
emissions equipment (such as hydrogen), followed by the procurement
of clean and renewable energy.
"Our partnership with ING and the other lenders represents a
significant milestone in our strategic mission to enhance marine
terminal infrastructure across the Americas," said Mike Dyadyuk, Managing Director at MAM. "This
financing is expected to expedite ITS's ability to meet the CAAP
objectives, along with delivering operational efficiencies."
"ING is proud to support ITS, a forward visioned terminal
operator, with their ambitious journey towards net-zero operations.
Through our port market expertise we structured the financing as
Green Loans, allowing the acceleration of investments in
zero-tailpipe emissions technology," said Marta Bede, Managing Director, Infrastructure,
Americas, ING.
"This partnership underscores our commitment to financing
sustainable initiatives that support reduced negative environmental
impact, while supporting capacity expansions that scale essential
decarbonization catalysts for achieving net-zero," added
Suleyman Kilci, Vice President,
Sustainable Solutions Group, Americas, ING.
To learn more about ITS and its operations, visit
https://www.itslb.com/.
About International Transportation Service
Owned by a MAM-managed fund, ITS is a container terminal
operator at the Port of Long Beach
within the San Pedro Bay complex in Southern California. ITS has been a US West
Coast gateway operation since 1971.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager, integrated
across public and private markets. Trusted by institutions,
governments, foundations and individuals to manage approximately
$US633.7 billion in assets, we
provide a diverse range of investment solutions including real
assets, real estate, credit and equities &
multi-asset.
Macquarie Asset Management is part of Macquarie Group, a
diversified financial group providing clients with asset
management, finance, banking, advisory, and risk and capital
solutions across debt, equity and commodities. Founded in 1969,
Macquarie Group employs over 20,000 people in 34 markets and is
listed on the Australian Securities Exchange.
All figures as at 30 September 2024.
About ING Capital LLC
ING Capital LLC is a financial services firm offering a full
array of wholesale financial lending products and advisory services
to its corporate and institutional clients. ING Capital LLC is an
indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV
(NYSE: ING), a global financial institution with a strong European
base. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. ING Bank's more than 53,000
employees offer retail and wholesale banking services to customers
in over 40 countries.
Sustainability is an integral part of ING's strategy, evidenced
by ING's leading position in sector benchmarks. ING's
Environmental, Social and Governance (ESG) rating by MSCI was
affirmed 'AA' in July 2023. As of
December 2023, Sustainalytics
considers ING's management of ESG material risk to be 'strong'. ING
Group shares are also included in major sustainability and ESG
index products of leading providers Euronext, STOXX, Morningstar
and FTSE Russell.
Please note that neither ING Groep NV nor ING Bank NV have a
banking license in the U.S. and are therefore not permitted to
conduct banking activities in the U.S.
Contact Information
Michael
Constantine
ING Americas
(646) 424-7053
Michael.constantine@ing.com
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