Vopak Renews USD 1.1 Bn Revolving Credit Facility

2016-06-02

Rotterdam-based oil storage company Vopak has renewed a EUR 1 billion (USD 1.12 billion) senior unsecured multicurrency revolving credit facility (RCF) with a syndicate of 15 international relationship banks.

This facility replaces the current RCF of EUR 1 billion, which was in place since February 2011.

The company said that the new RCF is fully available for drawdown, adding that it would have an initial maturity of five years with two extension options of one year each.

The new syndicate of banks consists of ABN AMRO, Citibank, DBS Bank, ICBC, ING Bank, JP Morgan, Mizuho, MUFG Bank, Rabobank and SMBC as Bookrunning Mandated Lead Arrangers; and CIBC, Crédit Agricole, DNB, Handelsbanken and HSBC as Mandated Lead Arrangers.

“This new revolving credit facility continues to provide the funding flexibility necessary to execute our business ambitions. With this transaction,we have also further aligned our core banking group with the different project-based growth opportunities in different regions,” Jack de Kreij, Vice-Chairman of the Executive Board and Chief Financial Officer, said.

As of 1 June 2016, Vopak operates 66 terminals in 24 countries with a combined storage capacity of 33.5 million cbm, with another 4.1 million cbm under development, to be added by 2019.

Source from : World Maritime News

HEADLINES