Ashurst advises Port of Tyne on ground-breaking 10-year financing to fuel green growth
14 July 2023
Global law firm Ashurst has advised Port of Tyne, which owns and operates one of the UK’s major trust ports, on a £100 million refinancing package provided by Pricoa Private Capital, UK Infrastructure Bank and Lloyds Bank. This 10 year financing arrangement is a national first for a British major trust port and builds upon the Port of Tyne’s strategic focus on green energy and smart logistics.
The Port’s new facilities include a £50 million capital expenditure facility provided by the Government-owned UK Infrastructure Bank, £45 million of long-dated loan notes from Pricoa Private Capital, with Lloyds Commercial Banking continuing to support as Agent and providing a revolving credit facility.
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 new structure will ensure the Port of Tyne – and the North East region – continues to support the green energy markets of the future and long-term national energy security.
The Ashurst team was led by finance partner Laura Ho, supported by Laura Birkinshaw-Miller and associate Arjun Kiri.
Mark Stoner, 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, 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.”
Laura Ho, partner at law firm Ashurst, commented: "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 further step towards achieving their goal of becoming a gateway to help transform both the region and the maritime industry."
