International law firm
Linklaters has advised borrowers on the US$225m Saigon Premier Container Terminal port project in Ho Chi Minh City. The project is Vietnam’s first port built by foreign investment and a 20/80 joint venture by the state-owned Tan Thuan Industrial Promotion Company (IPC) and the world’s second-largest port operating group, Dubai Port World (DPW).
Hong Kong-based
Linklaters partner John Maxwell worked with the local office of international law firm affiliation
Russin & Vecchi to advise the JV partners on financing the initial phase of the project. He said the team addressed a significant number of “structural challenges” on the transaction, which included a single tranche of uncovered commercial debt arranged by the lenders –
ANZ,
Calyon, DZ Bank AG and
HSBC.
Vietnam’s economy is growing rapidly with its economic hub in Ho Chi Minh City investing in a number of infrastructure developments, of which the port project is part.
Linklaters is certainly anticipating the growth, claiming its mark in the region.
“[The deal] will likely serve as a benchmark transaction for future financings in this increasingly important Asian market,” said Maxwell.