Eleven institutional investors are participating in a new Singapore dollar (SGD)210 million (102 million) senior unsecured notes issuance which independent storage terminal operator Vopak has successfully concluded in the Asian private placement market.
This marks Vopaks first private placement notes issuance in this region for global funding purposes, following a number of successful project financing programmes in Asia and corporate funding of regional Vopak group companies by Asian financial institutions.
The notes issuance further optimises the long term funding of Vopaks growth strategy.
The notes have been issued with
a bullet maturity of five years and have a fixed interest rate of 5%.
The notes increase the flexibility of headroom of the current revolving credit facility and further improve the financial maturity profile and interest rate structure of the outstanding debt.
DBS Bank (DBS) acted as sole lead manager and book-runner on this transaction. Besides having been an investor in one of the previous Vopak US private placement programmes, DBS also participates in this new Asian private placement notes issuance.
After this new issuance the debt profile consists of approximately 550 million of current US private placement notes with maturities ranging from eight to 15 years, the newly-issued Asian notes and a three years remaining 1 billion revolving credit facility, of which approximately 235 million is used.
Vopak Japan's Morimasa Ogawa will be speaking at Tank Storage Asia expo & conference in November.
To find out more, go to: http://www.tankstorageevents.com/tsasia/index.shtml