DP World has secured a 20-year €258m (US$290.1m) refinancing package for its Antwerp Gateway terminal as part of ambitious plans to increase automation and container capacity.
The transaction is the first European terminal asset to price in the private market since the outbreak of COVID-19.
Rob Harrison, DP World Antwerp CEO, said: “We are delighted to secure this financing. The excellent terms and structuring reflect the Institution’s positive view of Antwerp Gateway as both an asset and an investment.
“The issuance will enable us to increase capacity to serve customers better and further improve efficiency.”
In addition to refinancing the debt of Antwerp Gateway with a long-dated private placement facility the financing package also includes a bank facility to support its capacity expansion plan.
Antwerp Gateway currently has a capacity of 2.8m teu and DP World has now initiated a seven-year expansion plan to increase this through equipment automation and container stacking height.
DP World operates the terminal, which is located at the Port of Antwerp, under a 40-year concession granted by the Antwerp Port Authority.
Rashid Abdulla, CEO and MD Europe & Russia at DP World, said: We welcome this financing package, particularly at a time when the industry is responding to the global pandemic.”