One of the busiest container ports in the U.S., Los Angeles is selling about $340 million of debt, the most since 2009 so as to refinance debt and revamp port facilities, writes Bloomberg citing bond documents.
The announcement comes after a deadlock on contract talks between longshore workers and shippers.
The revamp will be targeted at automation of cargo handling along with cutting emission from ships calling at the port, according to Karl Pan, chief financial officer of the harbor department, quoted by Bloomberg.
