Baker McKenzie Advised on San Juan Cruise Port PPP and Financing
Leading global law firm Baker McKenzie advised Global Ports Holding Plc (GPH), the world's largest independent cruise port
Baker McKenzie Advised on San Juan Cruise Port PPP and Financing Leading global law firm Baker McKenzie advised Global Ports Holding Plc (GPH), the world's largest independent cruise port operator, and project company San Juan Cruise Port LLC (SJCP) on the successful closing of the Public-Private Partnership Agreement (PPP Agreement) for the San Juan Cruise Port in Puerto...
Baker McKenzie Advised on San Juan Cruise Port PPP and Financing
Leading global law firm Baker McKenzie advised Global Ports Holding Plc (GPH), the world's largest independent cruise port operator, and project company San Juan Cruise Port LLC (SJCP) on the successful closing of the Public-Private Partnership Agreement (PPP Agreement) for the San Juan Cruise Port in Puerto Rico.
The agreement also includes $187 million in project debt financing for the initial investment phase of the port's redevelopment.
SJCP has taken over operations from the Puerto Rico Ports Authority and will manage the San Juan Cruise Port for the next 30 years. This includes implementing a $425 million plan to repair, rebuild, and upgrade the port infrastructure, as outlined in the PPP Agreement.
Baker McKenzie's cross-border team, led by London partner Mike Webster and North American partner Matt Martin, advised on the PPP Agreement since its inception in 2018 when the Puerto Rico Ports Authority first issued the request for proposal (RFP). The team also included project financing expertise led by New York partner Mark Tibberts, with support from associates Cecilia Maspero and Paulina Timmer. Additional specialists from the firm's London, Chicago, Washington, and New York offices contributed to the successful transaction.
“This has been a fantastic project to be involved with and we are pleased to have supported GPH on this important transaction. It has taken a cross-border effort to get this over the line and navigate numerous challenges, including a global pandemic that shut down the cruise industry," Mike Webster stated.
Matt Martin added, “This was a complicated transaction and is another example of our cross-border team applying their deep knowledge of the infrastructure sector to successfully advise GPH and SJCP on this strategically important project. We look forward to seeing the cruise port flourish under GPH's leadership.”