ING Capital LLC Secures $424 Million Credit Facilities for International Transportation Service

[By ING Capital LLC]

ING Capital LLC has successfully closed $424 million in credit facilities for International Transportation Service (ITS) to support a significant terminal redevelopment project. ITS, a container terminal operator at the Port of Long Beach in Southern California, is owned by a Macquarie Asset Management (MAM) managed vehicle.

The financing, led by ING Capital LLC as the Administrative Agent, Joint Lead Arranger, Sole Taxable Debt Bookrunner, and Joint Sustainability Coordinator, includes $224 million in taxable and $200 million in tax-exempt financing.

ITS’ terminal redevelopment plan involves expanding yard capacity by 50% through a slip-fill project with an estimated capex spend of approximately $300 million. This expansion will enable the terminal to accommodate up to two 18,000 Twenty-Foot Equivalent Unit (TEU) vessels simultaneously. Additionally, ITS will electrify its current fleet to comply with the California Clean Air Action Plan (CAAP) targets.

With the support of the City of Long Beach, ITS is investing in decarbonization initiatives to achieve net-zero emissions. Up to $100 million of the credit facilities have been designated as Green Loans to procure electrified terminal equipment. These efforts align with the Port of Long Beach’s sustainability goals and those of other regional terminal operators.

Mike Dyadyuk, Managing Director at MAM, expressed excitement about the partnership with ING and the lenders, stating, “This financing will accelerate ITS’s progress towards meeting the CAAP objectives and improving operational efficiencies.”

Marta Bede, Managing Director, Infrastructure, Americas, ING, highlighted the importance of supporting ITS on its journey towards net-zero operations. She emphasized the structuring of the financing as Green Loans to facilitate investments in zero-tailpipe emissions technology.

Suleyman Kilci, Vice President, Sustainable Solutions Group, Americas, ING, affirmed the commitment to financing sustainable initiatives that reduce environmental impact while enabling capacity expansions for achieving net-zero emissions.

ING’s collaboration with ITS underscores the shared goal of promoting sustainability and innovation in the maritime sector.