Peel Ports raises funds for future growth
The UK's Peel Ports Group has successfully completed a £1.6bn refinancing deal, with money raised from a variety of banks and private investors, to fund its future growth plans.
The funding, which includes £150m from the European Investment Bank, will be used for Peel Port’s development plans for the coming year. This includes a £300m investment in the construction of the deep water container terminal, Liverpool2.
Graeme Charnock, chief financial officer of Peel Ports, said: “The strong support we have received from banks and investors is testament to their confidence in the future plans of the Peel Ports Group."
"We have refinanced our existing facilities, and created a diversified and flexible funding platform to support our growth strategy, which includes the development of the Liverpool2 container terminal," he added.
The new terminal at the UK’s Port of Liverpool, located on the River Mersey, will enable some of the world’s largest container vessels to call at the port, which are capable of carrying 13,500 containers – a considerable increase compared to the current limit of 3,500.
It also aims to cut costs, reduce emissions and remove over 150 million miles of transport from the UK’s rail and roads.
Work on the new terminal is due to start in early 2013 and operations are expected to begin in 2015.
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