Cleary Gottlieb acted as counsel to a joint venture comprising DP World and Caucedo Development Corporation in connection with the refinancing of the credit facility for its container terminal on the Caucedo Peninsula of the Dominican Republic.
Cleary advised the joint venture on the original project financing for developing the terminal in 2002 and a subsequent refinancing of the facility in 2012. The recently concluded refinancing consists of a $150 million senior secured credit facility, the proceeds of which were used to repay the prior project facility, fund certain capital expenditures and for general corporate purposes. The transaction signed on March 23, 2017, and closed on March 27, 2017.
The Caucedo port terminal is a state-of-the-art marine container terminal facility located in a free-trade zone. It is one of the largest container terminals in the Caribbean region and the largest in the Dominican Republic, and it serves as a regional shipping hub for delivery of cargo to much of Latin America.