Houston, New York City, 2 July 2021 – Global law firm Hogan Lovells advised client Project Service, concession operator of the Connecticut Service Plazas, as it raised US$138.5 million in amortizing secured senior notes (“senior notes”) and entered into a pari passu construction facility.
Project Service operates a portfolio of 23 service plazas located along the I-95, I-395, and Route 15 corridors in Connecticut. Each service plaza offers fuel, convenience, and restaurants serving customers throughout the day. The senior notes offered a coupon of 3.16% with a 22-year final maturity. The proceeds will be used to refinance Project Service’s existing bank debt.
The Hogan Lovells team was led by Houston partner David Locascio and New York partner Ben Garcia. Full details of the senior notes can be found via a press release at Project Service.
Project Service is owned by Applegreen, IST3 Investment Foundation, and TD Asset Management. In October 2019, Hogan Lovells advised on the US$229 million acquisition of Project Service and its parent company, JLIF Holdings, on behalf of its current owners. More details on that transaction can be found here.
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