Buenaventura Container Terminal

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In August 2010, Sociedad Portuaria Terminal de Contenedores de Buenaventura (TCBuen) closed financing the first phase of a new container terminal in the port of Buenaventura, the only significant Pacific coast port in Colombia. The Project involved the development, engineering, construction, dredging, equipment purchases, and operation of the terminal. The terminal was to handle 268,000 TEUs of container traffic each year during its first phase. TCBuen was located in Buenaventura, Colombia, at the Aguacate Marsh before the Cascajal Island and directly connected to the main national road connecting Buenaventura to main cities in the country approximately 3km north-west from downtown. TCBuen was owned by Grup Maritim Terminal de Contenidors de Barcelona (GMTCB)[Spain] and Grupo Empresarial de Pacifico S.A. (GEPSA)[Colombia]. The Project was estimated to cost US $224 million. The syndication was signed August 2, 2010 and comprised US $160 million of debt and US $71 million of equity. The debt was split into $142m of senior debt and an $18m mezzanine loan provided by mandated arranger WestLB, BES and CIFI and IFC. IFC provided senior and subordinated debt with an A Loan of US $25 million, for IFC’s own account, two B Loans of US $107 million and US $10 million from a syndication banks, and a C Loan (mezzanine debt is under quasi equity according to IFC) of US $18 million. In 2013, TCBuen announced the expansion of the terminal capacity to 610,000 TEUs. The company was set to invest US$ 157.9 million, of which US$ 90 million was financed with a loan from the IFC approved in November 2013 (US$ 25 million A loan; and US$ 65 million B loan). In December 2015, APM Terminals acquired Grup Maritim TCB in a transaction valued US$ 1 billion.