ICTSI Australia signs AUD398 million loan facility for Webb Dock Melbourne

MANILA – ICTSI’s Australia unit, Victoria International Container Terminal (VICT), today signed a syndicated loan facility worth AUD398 million with seven leading global financial institutions to support the on-going construction and development of VICT at Webb Dock East at the Port of Melbourne.

Construction of the terminal began late in 2014, with Phase One to be ready for commercial operations in the fourth quarter of 2016 and Phase Two available in 2017.

ICTSI, the Manila-headquartered global port manager, says the facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years. 

Signatories to the 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. 

Finnvera, the Finland based export credit agency, also participated in the transaction by providing a guarantee for a portion of the facility. 

Estimated cost of the new Webb Dock Container Terminal is AUD500 million. The terminal will handle vessels with a capacity of up to 8,000 TEUs. (ATI).