20 December 2018

OPIC approves $ 50 million loan for Pace Group originated by WFC

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OPIC approves $ 50 million loan for Pace Group originated by WFC

Wings and Freeman Capital assisted Pace Group in obtaining a $ 50 million loan commitment from OPIC.

The project envisages the development of a new port and terminal infrastructure on the territory of the New Poti Port Area, owned by Pace Group. 

The works undertaken by WFC include:

  • Preparing all application documentation as requested by OPIC
  • Preparing financial projection models, business plans, and all other project-related documentation
  • Consulting the Company on appropriate financial and legal structuring of the Project
  • Organizing and facilitating financial and legal due diligence processes 
  • Facilitating term-sheet and loan agreement negotiations
  • Coordinating all other issues related to project development and fund-raising

This project is expected to have a highly developmental impact on Georgia through the rehabilitation of a berth facility and the development of an international standard, multifunctional dry cargo terminal. The Project will be the first port in Poti to handle large vessels up to 253 meters in length and with the capacity to carry up to 50,000 tons of cargo. The Project will also update the existing port infrastructure to include a modern hydraulic system. The improved port will increase trading capacity for the country, which is an important transit link to connect Central Asia and Europe. The Project will create many permanent, local jobs and support the economic development of the Samegrelo-Zemo Svaneti region, where the average monthly income is only 28 percent of the average income in Tbilisi. 

For the details on the transaction, please click here