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ICTSI Australia secures US$300m loan to complete construction of its Victoria terminal
SEVEN global financial institutions have signed a syndicated loan facility worth AUD398 million (US$300 million) with Victoria International Container Terminal (VICT). The facility provides significant financial flexibility with long-dated tenors of seven, ten, and 16 years.
The newly-secured financing will support the on-going construction and development of VICT at Webb Dock East in the port of Melbourne, Australia. 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 available in 2017.
The financial institutions providing the loan facility 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.
VICT chief executive officer, Anders Dommestrup, commented in a company statement: "VICT is extremely pleased to have signed this project finance facility with internationally renowned banks as this is a testament to the viability of VICT.
"We remain committed to working with all our partners ?the port of Melbourne, local community, our contractors, and now our lenders ?to deliver to Melbourne a world-class and industry leading container terminal.
The newly-secured financing will support the on-going construction and development of VICT at Webb Dock East in the port of Melbourne, Australia. 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 available in 2017.
The financial institutions providing the loan facility 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.
VICT chief executive officer, Anders Dommestrup, commented in a company statement: "VICT is extremely pleased to have signed this project finance facility with internationally renowned banks as this is a testament to the viability of VICT.
"We remain committed to working with all our partners ?the port of Melbourne, local community, our contractors, and now our lenders ?to deliver to Melbourne a world-class and industry leading container terminal.
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