SAVANNAH, Ga. – The Georgia Ports Authority (GPA) has announced plans to issue via public offering approximately $425 million in revenue bonds to fund infrastructure projects at the Port of Savannah.
The bonds are tentatively set to be offered for sale during the week of Oct. 18. The GPA expects to post the preliminary official statement and investor presentation with respect to the bonds on or about Friday, Oct. 8.
The bonds will fund capital improvements to expand GPA’s capacity to serve the largest vessels calling on the U.S. East Coast, and to better handle, the growth GPA expects in its long-term forecast. Savannah’s Garden City Terminal is the largest single-operator container terminal in the nation and the hub port for the southeastern U.S.
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.
The size, timing, and structure of the bond issue are subject to market conditions, and the GPA reserves the right to change or modify its plans as it deems appropriate. There is no guarantee the anticipated transaction will be commenced or completed.
This notice does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including the bonds, or to adopt any investment strategy. 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. Persons interested in additional information regarding the bonds should contact one of the firms listed or their investments broker or advisor.
Georgia’s deepwater ports and inland barge terminals support more than 496,700 jobs throughout the state annually and contribute $29 billion in income, $122 billion in revenue, and $3.4 billion in state and local taxes to Georgia’s economy. The Port of Savannah handled 9.3 percent of total U.S. containerized cargo volume and 10.5 percent of all U.S. containerized exports in FY2020.
