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[By ING Capital LLC]<\/em><\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n "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."<\/p>\n "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.<\/p>\n "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.<\/p>\n <\/p>\n maritime-executive<\/p>\n","protected":false},"excerpt":{"rendered":" [By ING Capital LLC] 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 …<\/p>\n","protected":false},"author":1,"featured_media":55779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[4445,1924,3374,1395,9223,25132,1923,1256,6530],"class_list":["post-55778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-approves","tag-beach","tag-capital","tag-funding","tag-ing","tag-its","tag-long","tag-terminal","tag-upgrades"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/55778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=55778"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/55778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/55779"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=55778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=55778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=55778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}