‘Opportunistic’ refinancing deal struck by Peel Ports

Peel Ports has refinanced £152.2m of debt with infrastructure investors Westbourne, IFM and AXA, less than a year after agreeing a £1.6bn finance package in December 2012.

The latest debt is in the form of eight-year loans and refinances portions of three-year debt raised by Peel Ports in the December 2012 refinancing.

Graeme Charnock, Peel Ports Group's chief financial officer, said: "The group made an opportunistic approach to the infrastructure debt funds market and was delighted at the response. The new funding further diversifies the investor base at the same time as extending the maturity profile of our debt."

Charnock added that this was another sign of confidence in the group's strategy which includes the Liverpool2 project. Liverpool2 will see post-Panamax vessels of up to 13,500 containers call directly at the Port of Liverpool when it opens in 2015, the same year the widening of the Panama Canal is due to be completed.

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