DLA Piper advised Katoen Natie on an approximately US$103 million term financing facility to Terminal Cuenca del Plata S.A. to fund the expansion of the Port of Montevideo. IDB Invest and Banco Bilbao Vizcaya Argentaria participated in the financing. An additional US$340 million in financing was provided by a syndicate of commercial banks with the support of Belgium’s export credit agency, Credendo.
The proceeds of the facility will be used to finance an estimated total investment of more than US$500 million in capital works at the Port of Montevideo, which will further strengthen its strategic position as a major regional port terminal. The project aims to more than double the Port of Montevideo’s current international cargo volume and improve the efficiency of Uruguay’s most important container port.
“It was a pleasure to support TCP in the latest financing effort to enhance its international competitiveness as a maritime hub. We were pleased to provide our industry leading experience to bring this deal together,” said Oliver Wright, the DLA Piper partner who led the deal team that advised Katoen Natie.
In addition to Wright (New York), the DLA Piper team included partner Bob Gruendel (New York) and associates Lachlan Nichols and Kayla Epstein (both in New York).
