Independent terminal operator Vopak has secured the participation of new investors in its latest senior unsecured Notes Programme in the US private placement market.
The issue is for a total amount of $680 million (460.6 million).
The programme consists of various tranches with maturities ranging from eight to 20 years in three different currencies, with in total $575 million of the tranches in US dollars (USD).
In this new issue 27 institutional investors are participating, of which six are new investors. The annual interest rates are between 4.75% for the eight years Euro tranche and 6.02% for the 20 years USD tranche with a weighted average annual interest rate of 5.5%.
The proceeds of this private placement will be made available in December 2009.
The programme will further enhance the maturity profile of the outstanding debt and will provide sufficient flexibility under the current revolving credit facility to enable the refinancing of the regular repayments under the existing private placement programmes up to and including 2011.
Vopak specialises in the storage and handling of liquid and gaseous chemical and oil products in 80 terminals around the world.