Manzanillo Container Terminal

completed

TMM Purtos y Terminales, S.A. de C.V. (TMM PyT), a Mexican company, operates the Manzanillo, Veracruz, Cozumel, and Progreso terminals in Mexico under concession contracts. The company is currently ultimately wholly-owned by Carrix, Inc., a US-based port and terminal operator. In May 2003, Carrix, through its Mexican subsidiary, TMM PyT Holdings, S.A. de C.V. (the “borrower”), acquired 51% of the outstanding shares of TMM PyT. Combined with the remaining 49% of TMM PyT already owned by Carrix through a subsidiary, TMM PyT became a 100% owned subsidiary of Carrix. IFC will provide up to $45 million in financing to the borrower as part of a medium term facility that includes commercial bank co-financing under a Citibank syndicated loan (the Citibank Financing). The financing will support the acquisition of 51% of TMM PyT by Carrix. Located on the Pacific coast of Mexico in the state of Colima, the Manzanillo Terminal is a double berth position container terminal within the Port of Manzanillo. The facilities in the Port of Veracruz consist of covered auto storage facility with a capacity of 4,400 vehicles and several open storage areas with an additional capacity of 8,400 vehicles. The cruise ship terminal in Cozumel is located in San Miguel, the main town of the island, and the cruise ship terminal in Progreso is located within in the port of Progreso in the state of Yucatan.