Refinancing of Port Terminal Facility in the Dominican Republic

November 20, 2012

Cleary Gottlieb acted as counsel to a joint venture comprising DP World and Caucedo Development Corporation in connection with the refinancing of the project finance facility for its container terminal on the Caucedo Peninsula of the Dominican Republic (Cleary Gottlieb advised the joint venture on the original project financing for the development of the terminal in 2002 and several subsequent amendments). The refinancing consists of a $150 million secured credit facility, the proceeds of which were used, in addition to repaying the original project facility and for other corporate purposes, to fund certain capital expenditures. The transaction closed on November 20, 2012.

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 serves as a regional shipping hub for delivery of cargo to much of Latin America.