The Port of Tyne has secured a £60m r..."> The Port of Tyne has secured a £60m r...">

Port of Tyne refinances

The Port of Tyne has secured a £60m refinancing package from Lloyds Bank Commercial Banking. The five-year agreement, which comprises a £30m revolving credit facility and a £30m term loan, provides the port with capital to develop a number of major infrastructure projects.

The Port of Tyne occupies a 250-hectare site on the River Tyne and is one of the largest car exporting ports in the UK. The port also handles a range of cargoes including containers, commodities, manufactured and retail goods, renewables and offshore services.

Mark Stoner, chief financial officer at Port of Tyne, said: “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.

“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.”

Alison Smith, business development director in Large Corporates at Lloyds Bank, added: “The Port of Tyne operates a vital trading gateway to worldwide markets, making it a hugely important asset to the regional economy.

“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.”

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