Infrastructure debt funds complete refinancing deal
Infrastructure debt fund managers Westbourne, IFM and AXA have provided loans to Peel Ports for a £152.5 million ($236 million) refinance of three-year debt with eight-year terms, according to a report by the Liverpool Daily Post. Liverpool, England–based Peel Ports — owner of the Port of Liverpool — raised the three-year financing in December 2012 as part of a £1.6 billion ($2.5 billion) package.
The restructured debt allows Peel Ports to diversify its investor base and extend the maturity of its debt holdings. Peel is part of the £350 million ($543 million) Liverpool 2 project, which is redeveloping the Port of Liverpool to accommodate the largest containerships. The project is expected to be completed in 2015, which is the same time the widening of the Panama Canal is due.