The Port of Tyne has secured a £100m refinancing package with the UK Infrastructure Bank, Pricoa Private Capital and Lloyds Bank.
This 10-year financing arrangement builds upon the Port of Tyne’s strategic focus on green energy and smart logistics.
The port’s new facilities include a £50m capital fund provided by the Government-owned UK Infrastructure Bank, £45m of long-dated loan notes from Pricoa Private Capital, with Lloyds Bank continuing to support as an agent and providing a £5m revolving credit facility.
This facility was completed with professional support from Deloitte LLP’s Infrastructure Team, Ashurst LLP and Pinsent Mason LLP.
This long-term credit facility will provide the Port of Tyne with a capital structure to continue to deliver its ambitious Tyne 2050 strategy while providing support to develop major infrastructure projects to capitalise on new market opportunities.
The Port of Tyne is home to the O&M base to service Dogger Bank, the world’s largest wind farm.
Lord Johnson, Minister for Investment, commented: “Regenerating the Port of Tyne will not only help the UK cement its role as a global leader in clean energy technology, but will be essential for levelling up the North East with high skilled, green jobs and local economic growth.”
Mark Stoner, Chief Financial Officer at Port of Tyne, added: “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, attracting international and home-based investment, area regeneration, highly skilled jobs and the associated economic prosperity to the North East region and to the UK more widely.”