Port of Los Angeles Enters Sustainability Bond Market

Image Courtesy: Port of Los Angeles

Californian Port of Los Angeles has issued USD 35.2 million in green bonds as part of a larger debt refinancing completed this week, marking the first time a US port has entered the sustainability bond market.

The green bonds are part of an overall USD 201.6 million bond issue that will net the port a record present value savings of USD 32.5 million, an average of USD 1.9 million annually through 2040, the port authority said.

During the process, three credit rating agencies including Standard & Poor’s (S&P), Moody’s Investor Services and Fitch Ratings reaffirmed the port’s “AA” and “Aa2” investment rankings, the highest ratings given to a port without taxing authority.

“This bond offering and the unprecedented savings it yields speak volumes about the value of this approach,” Marla Bleavins, the port’s Deputy Executive Director and Chief Financial Officer, said.

The port’s green bonds underwent an independent review to ensure the transaction conforms to international social and sustainability principles. Sustainalytics, a sustainability research and analysis firm, performed the third-party evaluation. The firm validated the integrity of the port’s green bonds for three projects completed in recent years.

The Port of Los Angeles facilitated USD 270 billion in trade during 2015.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >