Port of Tyne has successfully secured a US$130 million (GB£100 million) refinancing package in collaboration with the UK Infrastructure Bank, Pricoa Private Capital, and Lloyds Bank.
This 10-year financing arrangement sets a national precedent for a British major trust port, further reinforcing the Port of Tyne’s commitment to green energy and smart logistics.
Under this new financing package, the Port of Tyne gains access to remarkable facilities. The government-owned UK Infrastructure Bank contributes a £50 million capital fund, while Pricoa Private Capital provides £45 million in long-dated loan notes. Lloyds Bank continues its support by acting as an agent and offering a £5 million revolving credit facility. Notably, Deloitte LLP’s Infrastructure Team, Ashurst LLP, and Pinsent Mason LLP played important roles in completing this facility, providing professional support.
Mark Stoner, chief financial officer at the Port of Tyne, emphasises the significance of this capital facility, saying, “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.”
