Baker McKenzie has advised the world’s largest independent cruise port operator, Global Ports Holding Plc (GPH) and the project company San Juan Cruise Port LLC (SJCP) on the successful closing of the Public-Private Partnership Agreement (PPP Agreement) for the San Juan Cruise Port, Puerto Rico and the $187 million project debt financing for the initial investment phase in the San Juan Cruise Port.

SJCP has now taken over operations from the Puerto Rico Ports Authority and will continue to operate the San Juan Cruise Port for the next 30 years.  SJCP will also commence its $425 million plan to repair, rebuild and upgrade the San Juan Cruise Port in accordance with the PPP Agreement.

The cross-border Baker McKenzie team was led by Mike Webster in London and Matt Martin in North America, who have been advising on the PPP Agreement since the Puerto Rico Ports Authority first released the RFP in 2018.  Mark Tibberts in New York has led on the project financing, with support from New York Associates, Cecilia Maspero and Paulina Timmer.  The wider team included specialist partners and associates from the Firm’s London, Chicago, Washington and New York offices.

Commenting on the transaction, Mike Webster said: “This has been a fantastic project to be involved with and we are pleased to have supported GPH on this important transaction. It has taken a cross-border effort to get this over the line and navigate numerous challenges, including a global pandemic that shut down the cruise industry.”

Matt Martin added “This was a complicated transaction and is another example of our cross-border team applying their deep knowledge of the infrastructure sector to successfully advise GPH and SJCP on this strategically important project. We look forward to seeing the cruise port flourish under GPH’s leadership.”