The deal was signed on July 15, 2016 and is expected to worth AUD$398m, approximately US$300m.<\/p>\n
It aims to provide significant financial flexibility with long-dated tenors of seven, 10, and 16 years. It will also support the on-going construction and development of VICT at Webb Dock East in the Port of Melbourne.<\/p>\n
Anders Dommestrup, VICT chief executive, said: \u201cVICT is extremely pleased to have signed this project finance facility with internationally renowned banks as this is a testament to the viability of VICT. \u201c<\/p>\n
\u201cWe remain committed to working with all our partners \u2013 the Port of Melbourne, local community, our contractors, and now our lenders \u2013 to deliver to Melbourne a world-class and industry leading container terminal.\u201d<\/p>\n
The seven financial institutions are; Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger.<\/p>\n
Finnvera, a Finish export credit agency, participated in the transaction by providing a guarantee for a portion of the facility.<\/p>\n
Manuel V. Pascua, ICTSI\u2019s corporate finance director, added: \u201cThe VICT deal has pushed the project finance envelope in Australia on a number of aspects, and this has made the process quite challenging. \u201c<\/p>\n
\u201cThanks to the collaborative effort put in together with our lending partners, we achieved a final debt structure that positions VICT for both short and long term financial strength.\u201d<\/p>\n
Construction of the terminal commenced in late 2014, and will be completed in two phases. Phase One will be ready for commercial operations in Q4 2016 and Phase Two will be completed in 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"
Victoria International Container Terminal (VICT) has signed a syndicated loan facility with seven global financial institutions.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26],"tags":[],"sponsor":[],"class_list":["post-4668","post","type-post","status-publish","format-standard","hentry","category-oceania"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/posts\/4668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/comments?post=4668"}],"version-history":[{"count":0,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/posts\/4668\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/media?parent=4668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/categories?post=4668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/tags?post=4668"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/sponsor?post=4668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}