White & Case Advises IDB Invest in Connection with the US$103 Million Financing for Terminal Cuenca Del Plata

Global law firm White & Case LLP has advised the Inter-American Investment Corporation (IDB Invest) in connection with an approximately US$103 million term financing facility for Terminal Cuenca del Plata S.A. (TCP), including a US$46 million participation interest from Banco Bilbao Vizcaya Argentaria S.A., for the design, construction and operation of the port of Montevideo's expansion. IDB Invest's financing will be complemented by a term financing facility extended by a group of commercial banks and backed by Belgium's export credit agency, Credendo.

The project represents an estimated total investment of more than US$500 million and will more than double its current international cargo volume and improve the efficiency of Uruguay’s most important container port. The project is expected to have a material positive impact on the Uruguayan economy, enhancing the competitiveness of foreign trade, generating quality employment and positioning Uruguay as a logistics player in the region. In addition, TCP has committed to an ambitious environmental and social action plan, which will improve management of the project's environmental, social, labor and occupational health and safety risks and impacts, optimizing efficiency in the use of resources and preventing pollution.

The White & Case team was led by partner Sean Goldstein (Miami) and associates Adrian Leal (Houston) and Joselyn Gonzalez-Castillo (Miami), with the support of partner Arnaud Cagi-Nicolau and associate Konstantinos Strakas (both in Luxembourg).

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