Full steam ahead for Pusan port

Sponsors and banks agree on new financing package for the Pusan Newport project in Korea.

Pusan Newport Company, a subsidiary of Samsung and CSX World Terminals, has selected a new bank group for a refinancing and expansion financing of the Pusan Newport container terminal project in Pusan, Korea. Terms were decided in Hong Kong last week.

The original project saw the construction of six berths at the new container port in Korea's second busiest port. This new financing package will refinance the original package and pay for three new berths bringing the total project size to nine berths.

The financing consists of a foreign currency and local currency tranche. Mandated lead arrangers and underwriters of the $465 million foreign currency tranche are...

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