Osborne Clarke has advised NatWest Bank on the deal.
The package is being provided by NatWest, joint shareholders Celtic Manor and the Welsh Government. The money will be used to support the convention centre through the impact of the Covid-19 pandemic.
The business events industry is one of the only sectors not to have been granted permission to reopen at any stage and the funding package will provide a vital lifeline as ICC Wales adapts its facilities and safety protocols in readiness for welcoming delegates again, as soon as government guidance allows.
The International Convention Centre Wales is a 5,000-capacity venue in the city of Newport, South Wales. The 26,000 sqm venue has 15 flexible meeting rooms, a 4,000 sqm pillar free hall and 2,000 car parking spaces. The centre is situated minutes from the M4 and is accessible to major train stations and two international airports.
The Osborne Clarke team was led by Partner Omar Al-Nuaimi (Picture) with support from Associate Joe Roberts.
Law Firms: Osborne Clarke;
Clients: NatWest Group;