IDB Invest Supports Salaverry Terminal Internacional with Peru’s First A/B Bond
- Long-term financing will make it possible to increase the volume of port traffic and facilitate access to international trade.
IDB Invest supported Salaverry Terminal Internacional as an anchor investor in Peru’s first A/B bond, consisting of an A loan and a 20-year B bond. The transaction has a value of $115 million, of which IDB Invest contributes a first tranche of $50 million, and institutional investors $65 million in a second tranche.
The financing represents the placement of a private bond with the longest tenor registered in Peru to date and highlights the potential for financing infrastructure assets with resources managed by institutional investors, thus maximizing IDB Invest's resources to invest in other development projects in the region.
The funds will be used for the long-term refinancing of part of the modernization of the Salaverry Multipurpose Port Terminal, in Trujillo. This will make it possible to optimize the capital structure of Salaverry Terminal Internacional.
It is expected that this long-term financing deal will increase the volume of traffic, facilitating access to international trade and reduce logistics costs, thereby strengthening the region's competitiveness.
Additionally, IDB Invest will contribute to improving the sustainability of the project thanks to compliance with Environmental and Social Standards (E&S Standards), as well as providing technical assistance to Salaverry Terminal Internacional to improve gender equality in its human resources policies.
The deal is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8) and Responsible Consumption and Production (SDG 12).
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $15.3 billion in asset management and 375 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About Salaverry International Terminal
Salaverry International Terminal S.A. (STI) is the Concessionaire for Salaverry port terminal, located 557km north of the city of Lima in La Libertad department. The company operates under a 30-year concession granted by the Peruvian Government in 2018. As required by the Concession Agreement, STI has conducted upgrade works in the terminal to modernize and strengthen the facilities and increase capacity and productivity. In 2022, STI handled over 3.5MM tons of cargo. STI is a wholly-owned subsidiary of Trabajos Marítimos, S.A., the main Peruvian port operator and maritime services company, part of the Romero Group.