White & Case Advises on Project Financing of Major Port Expansion in Peru
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Global law firm White & Case LLP has advised Trabajos Marítimos S.A., as sponsor, and Salaverry Terminal Internacional S.A. (STI), as borrower, in connection with entering into a US$132 million limited recourse project finance facility with various international banks. The proceeds of the financing are expected to be used to undertake an expansion of the Salaverry Multipurpose Port (Port), located in the department of La Libertad in the Republic of Peru.
The expansion of the Port will require dredging to a depth of 10.5 meters, repairing the second dock, constructing grain silos, remodeling port infrastructure, increasing the logical storage capacity, implementing an outer harbor, lengthening the first dock by 225 to 285 meters, and increasing capacity to handle the growing demand for shipping cargo. The work also includes upgrading the port terminal to make it a multipurpose import-export facility, servicing shipments of mining and agriculture commodities.
The modernization and development of the Port will help develop Peru's foreign trade agenda and will energize the economy of the Peruvian north coast region, which main economic activities focus on agriculture, farming and mining.
The White & Case team that advised on this transaction was led by partners Thomas Pate in New York and Carlos Viana in Miami; and included associates Adrian Leal and Camille Mendoza Soto in Miami.
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