Peel Ports has completed a 1.6 billion pounds ($2.6 billion) refinancing to fund its expansion plans, which include a 300 million pounds ($480 million) post-Panamax container terminal in the Port of Liverpool.
The U.K.’s second-largest port operator raised the funds from several banks and pension funds and insurance companies in the U.S. It also secured $242 million from the European Investment Bank, the European Union’s long-term lending arm.
The refinancing paves the way for construction to begin early next year on the Liverpool2 deep-water container terminal.
Liverpool’s second container terminal, scheduled to open in 2015, will allow the world’s largest container ships to enter the Northwest England port and double its annual capacity to 2 million 20-foot-equivalent units.
Peel Ports also owns Clydeport in Scotland, Medway in southern England and the Manchester Ship Canal.
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