Project Service Announces $138.5 Million of Privately Placed Senior Secured Notes
6/14/2021
On May 27, 2021, Project Service LLC (“Project Service” or the “Company”), concession operator of the Connecticut Service Plazas, issued $138.5 million of privately placed amortizing senior secured notes (the “Senior Notes”) at a coupon of 3.16% with a 22-year final maturity. The long-term, fixed rate Senior Notes were used to refinance the Company’s existing bank debt.
In addition, the Company executed a credit agreement for a capital expenditure bank facility with KeyBank National Association to finance upcoming improvements to the service plazas.
“The private placement refinancing provides long-term financing stability to Project Service executed at an attractive price with well-respected institutional debt investors,” said Michael Jones, Chief Executive Officer. “With the support of our financing partners, we are committed to continuing to provide customers a best-in-class service plaza experience as they travel in Connecticut.”
KeyBanc Capital Markets and ING Financial Markets acted as joint placement agents in connection with the Senior Notes. Stantec served as lenders traffic advisors and Kin+Carta were commercial advisors for the transaction. Hogan Lovells served as counsel to the Company and Greenberg Traurig served as counsel to the Senior Note purchasers.
About Project Service
Project Service LLC is the authorized concession operator of the Connecticut Service Plazas consisting of a portfolio of 23 service plazas located along the I-95, I-395, and Route 15 corridors in Connecticut and owned by the Connecticut Department of Transportation. Each service plaza offers fuel, convenience, and restaurants serving customers throughout the day. Project Service is owned by Applegreen, IST3 Investment Foundation, and TD Asset Management.
Contact:
Michael Jones, Chief Executive Officer
Email: Michael Jones
