Mayer Brown represents Port Authority of Jamaica on closing of Kingston Container Terminal privatization
6 July 2016
Mayer Brown represented the Port Authority of Jamaica on the commercial and financial closing of the concession and lease of the Kingston Container Terminal, a marine container terminal located in Kingston, Jamaica.
The concession agreement for the transaction was executed on April 7, 2015, and the transaction reached financial closure and operational handover on June 30, 2016. The private operator, Kingston Freeport Terminals Limited, an affiliate of the French shipping line CMA CGM, financed the project with a facility arranged by the Inter-American Development Bank. Pursuant to the concession agreement, the private operator paid an upfront concession fee of US$75 million and committed to undertake capital improvements that are projected to cost more than US$600 million.
The Mayer Brown team included Banking & Finance partner George Miller and associate Regan Nunez (both New York) and Government & Global Trade partner Joe Seliga, counsel Jeromy Cannon and associate Rachel Smith (all Chicago).