The Port of Tyne — a deep sea port in the United Kingdom — has secured a GBP 60 million (USD 78.7 million) refinancing package from Lloyds Bank Commercial Banking to support its ambitious investment program.
As informed, the port will be able to develop a number of major infrastructure projects with the new capital.
The five-year agreement comprises a GBP 30 million revolving credit facility and a GBP 30 million term loan.
The Port of Tyne occupies a 250-hectare site on the River Tyne and is the second largest car exporting port in the UK. The port also handles a diverse range of cargoes including containers, commodities, manufactured and retail goods, renewables and offshore services.
“The Port of Tyne is a major gateway to the North, thanks to its multimodal connectivity by sea, road and rail, which gives customers easy access to markets across the UK and around the world,” Mark Stoner, chief financial officer at Port of Tyne, said.
As a key supporter of the government’s Maritime 2050 strategy, the business is set to play an important role in the UK’s long-term future as a maritime nation.
“The region’s economy is reliant on the success of the port, which is why we reinvest all profits back into the business. As a self-financing organisation, this approach is essential to future growth – for us and for the businesses we work with in the North East and beyond.”
“This partnership with Lloyds Bank will help us retain our position as one of the UK’s most innovative and efficient deep-sea ports,” Stoner added.
“We look forward to working closely with the Port of Tyne over the coming weeks, months and years. Supporting the North East’s infrastructure goes hand in hand with our commitment to helping Britain prosper,” Alison Smith, business development director in Large Corporates at Lloyds Bank, commented.