The Port of Tyne secured a £60m refinancing package from Lloyds Bank Commercial Banking to support its investment programme. The five-year agreement includes a £30m revolving credit facility and a £30m term loan, in order for the port to develop a number of major infrastructure projects.
The Port of Tyne is the second largest car exporting port in the UK. The port handles a range of cargoes including containers, commodities, manufactured and retail goods, renewables and offshore services. It is a key supporter of the government’s Maritime 2050 strategy, and it plays an important role in the UK’s future as a maritime nation.
[smlsubform prepend=”GET THE SAFETY4SEA IN YOUR INBOX!” showname=false emailtxt=”” emailholder=”Enter your email address” showsubmit=true submittxt=”Submit” jsthanks=false thankyou=”Thank you for subscribing to our mailing list”]
According to Mark Stoner, chief financial officer at Port of Tyne, the region’s economy relies on the success of the port, which is why it reinvests all profits back into the business. He added that this approach is essential to ensure growth for the port and for the businesses that work with in the North East and beyond.
What is more, the Port aims to leverage this partnership with Lloyds Bank to maintain its position as one of the UK’s most innovative and efficient deep-sea ports.
As for Alison Smith, business development director in Large Corporates at Lloyds Bank, the Port of Tyne operates a key trading gateway to worldwide markets, making it an important asset to the regional economy.
Lloyds Bank will lend up to £700million during 2019 to companies across the North East, and up to £18billion across the UK. This funding aims to assist businesses develop flexibility and make sure they are ready to make the most of future opportunities.
