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Port of Corpus Christi raises $216.2m from bond sale

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The Port of Corpus Christi, Texas, successfully priced and sold $216.2m worth of Senior Lien Revenue Bonds, on 24 July.

The bonds will be used for both the deepening and widening of the Corpus Christi Ship Channel as well as upcoming capital projects within the Port. Wells Fargo Securities acted as Lead Manager of a syndicate of underwriters including JP Morgan, Citigroup, and Frost Bank.

“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds.” said Sean Strawbridge, ceo of the Port of Corpus Christi. “This round of funding will help the Port of Corpus Christi further progress our ambitious yet achievable capital investment programme designed to increase exports of US produced energy to our allies and trading partners around the world.”

Read more: Sean Strawbridge to take the helm at Port Corpus Christi

The Port’s Senior Lien Revenue Bond 2018 Series pricing follows strong ratings reiterations received from both Moody’s Investors Service and S&P Global Ratings.  Moody’s assigned an A1 Rating to the Port’s newly issued debt, while upgrading the Port’s existing debt from A1 to Aa3.  S&P assigned a rating of A+ to the Port’s newly issued debt, while reaffirming the same rating for the existing debt.