The UK’s port of Tyne has secured a GBP60 million (USD79.1 million) refinancing package from Lloyds Bank Commercial Banking to support its investment programmes.
The five-year agreement includes a GBP30 million (USD39.5 million) revolving credit facility along with a GBP30 million term loan. These facilities will be used to develop a number of major infrastructure projects at the port.
Lloyds Bank is also financing the construction of MGT Teesside’s 299 MW biomass power station project near the gateway. Samsung C&T and Tecnicas Reunidas (STR) were appointed as EPC contractors for the project and will be responsible for awarding sub-contracts for constructions works.