Cosco Shipping Ports Chancay Peru (CSP Chancay) has secured a US$975 million loan from Chinese banks for the construction and development of a port terminal in Peru.

The lead arrangers for the 15-year loan include the Bank of China, Bank of Communications, China Minsheng Banking Corp (Shanghai Pilot Free Trade Zone Branch), and Shanghai Rural Commercial Bank, with the Bank of China (Hong Kong) acting as the facility agent. The lenders were advised by the law firm Garrigues Peru. 

Other firms involved in the transaction are Mayer Brown as international counsel to the lenders, Appleby as Bermuda and British Virgin Islands counsel to the lenders, Holman Fenwick Willan as international counsel to CSP Chancay, and Payet Rey Cauvi Perez Abogados as Peruvian counsel to CSP Chancay. As part of the transaction, a customized security package has been devised, which encompasses shares in CSP Chancay, a pledge of all assets, a pledge of accounts, a mortgage on the land and concession, and direct agreements with the project contractors.