TPP closes DFI-backed port project financing

Terminal Portuario Paracas (TPP) – a consortium comprising Servinoga, Pattac Empreendimentos e Participacoes, Tucuman Engenharia e Empreendimentos and Fortesolo Servicios Integrados – has reached financial close on the $183 million DFI-backed debt financing for the $215 million San Martin Port de Pisco modernisation project in Peru. The project involves converting the port into a multipurpose terminal. Construction, which is now underway, will take 30 months to complete.

Banco Santander, CAF and Caixa, which provided $91 million of the debt between them, were joined by El Banco de Desarrollo del Peru (Cofide) with a take of $92 million. The loan, which closed on February 27, has a tenor of 18 years (inclusive of three-year grace period) and amortizes semi-annually. The balance of the project funding will be provided by the sponsor.

International lender counsel was Mayer Brown for Cofide, and Clifford Chance for Santander and CAF. Miranda & Amado provided local lender counsel. Jones Day provided borrower international counsel, and Benites, Vargas & Ugaz was local counsel.