The international law firm Bryan Cave Leighton Paisner LLP represented Worldwide Terminals Fernandina LLC (WTF), parent of the operator of the Port of Fernandina in northeastern Florida, in connection with its recent corporate reorganization and the issuance of approximately $28 million of port revenue bonds by the Ocean Highway and Port Authority. Proceeds will be used to refinance WTF’s acquisition of the port operator and to finance improvements to the port.
The reorganization and bond issue allowed WTF to secure the long-term, 30-year fixed rate municipal bond financing it needed in order to expand the current cargo capacity of the port and capitalize on its expertise as a breakbulk terminal operator and to expand the port’s containerized cargo business. Financed projects include the dredging of port berths, construction of additional onsite warehouses and additional cargo handling equipment.
BCLP’s Matt D’Amico (New York), relationship manager for the client, led BCLP’s multioffice team effort. Spearheading the corporate reorganization were Ashley Baker (St. Louis) and Mark Stern (Atlanta). David Reid (Kansas City), Jon Otto (Kansas City) and Courtney Lock (Kansas City) headed bond finance matters.