VICT secures $300M loan for new Port of Melbourne terminal

WCN Editorial Team 20 Jul 2016 OCEANIA BUILDINGS

International Container Terminal Services (ICTSI) subsidiary Victoria International Container Terminal (VICT) has secured an AUD398M ($300M) loan for the construction of a container terminal at Webb Dock East in the Port of Melbourne, Australia.

The loan was provided by several financial institutions, including Citibank, KFW IPEX-Bank, Standard Chartered Bank and Bookrunners, Bank of China, DBS Bank, Investec Bank, and Cathay United Bank.

Finnish export credit agency Finnvera has also participated in the transaction by providing a guarantee for a portion of the facility.

Work on the terminal started in late 2014, and will be delivered in two phases. The first phase will be ready for commercial operations in the fourth quarter of 2016, while the second phase will be complete in 2017.

VICT’s CEO Anders Dommestrup said: “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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