Milbank LLP has advised global port management company International Container Terminal Services, Inc. (ICTSI) in the securing of $260 million in financing from international lenders for the expansion of Mexico’s largest port complex, located in Manzanillo.
Enlargement and development of the port, on the west coast of Mexico approximately 340 miles from Mexico City, is considered vital to regional trade with Asia.
Financing is being provided by the Inter-American Development Bank (IDB), International Finance Corporation, and China Co-Financing Fund for Latin America and the Caribbean, a cooperative venture between the IDB and the People’s Republic of China, and certain other financial institutions.
International Container Terminal Services, based in the Philippines, is one of the world’s leading port operators. It owns the concession for the construction, operation, and maintenance of a Specialized Container Terminal at Manzanillo, which will approximately double the port’s capacity. An ICTSI wholly owned subsidiary, Contecon Manzanillo S.A. de C.V., will run the project.
The Milbank team was led by New York-based partner Daniel Bartfeld, head of the firm’s Global Project Finance Group, and senior associate Alexis Sainz and associate Lindsay Hall.
Mr. Bartfeld said, “Milbank is very pleased to advise ICTSI, one of the top maritime terminal operators in the world, in securing essential funding for the expansion of a vital hub on the Pacific Ocean. As trade between Asia and Latin America deepens, high-capacity and well-equipped ports that can handle large numbers of standard shipping containers will play indispensable roles in keeping global economies vibrant.”
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