Ashurst advised Port of Tyne on 10-year financing to fuel green growth
Ashurst advised Port of Tyne on 10-year financing to fuel green growth
The arrangement is a national first for a British major trust port
Global law firm Ashurst has advised Port of Tyne on a £100 million refinancing package provided by Pricoa Private Capital, UK Infrastructure Bank, and Lloyds Bank.
It builds upon the strategic focus of the Port of Tyne (which owns and operates one of the UK’s major ports) on green energy and smart logistics.
The Port’s new facilities include a £50 million capital expenditure facility provided by the government-owned Infrastructure Bank, £45 millions of long-dated loan notes from Pricoa, and Lloyds continuing to support as an agent and providing a revolving credit facility.
The long-term credit facility will provide the Port with a capital structure to carry on its ambitious Tyne 2050 strategy while providing support to develop major infrastructure projects to capitalize on new market opportunities. It will ensure that the Port and the Northeast region continue to support the green energy markets of the future and long-term national energy security.
Mark Stoner, the chief financial officer at Port of Tyne, said, “This ground-breaking capital facility will help the Port of Tyne accelerate its intentional ambitions plans to support the rapidly expanding and critical green energy and automotive transition markets. It will attract international and home-based investment, area regeneration, highly skilled jobs, and the associated economic prosperity to the Northeast region and the UK.”
Laura Ho, a partner at the law firm Ashurst, remarked, "We are very pleased to have supported the Port of Tyne on this ground-breaking financing for a major trust port. We are delighted to have contributed to a step towards achieving their goal of becoming a gateway to help transform both the region and the maritime industry."
The Ashurst team was led by Finance Partner Laura Ho, who was supported by Laura Birkinshaw-Miller and Associate Arjun Kiri.
