UK port operator refinances debt through debt funds
The Liverpool Daily post has reported that Port of Liverpool owner, Peel Ports, has successfully completed a refinancing of some of its bank facilities. The company had completed a £1.6 billion financing package in December 2012.
Three infrastructure investors - Westbourne, IFM and AXA - have provided funds to refinance £152.5 million of 3-year debt. The new debt is in the form of eight-year loans.
Peel Ports group's chief financial officer, Graeme Charnock, said:
"The group made an opportunistic approach to the infrastructure debt funds market and was delighted at the response."
Mr Charnock saw this refinancing as a sign of confidence in the Peel Port's strategy which includes the Liverpool2 project. Liverpool2 is a new deep-water container terminal whose construction will cost £300 million.
Liverpool2 is designed to accommodate vessels of up to 13,500 TEUs. It is expected to open for business in 2015 (as it is the Panama Canal widening). The terminal will have an annual capacity of 600,000 TEUs.
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