The world's largest independent tank storage service provider Vopak has successfully concluded a new senior unsecured Term Loan Issuance in the Asian market.
This follows the Asian Private Placement Notes Issuance in November 2010. The proceeds will be used to fund Vopaks Global Growth Strategy.
The Term Loan with a total value of JPY 20 billion (180.3 million) has been concluded with a single Asian investor with a bullet maturity of 30 years and a fixed coupon.
After this new issuance, Vopaks further enhanced debt maturity profile – with original maturities from five to 30 years – consists of approximately USD1.4 billion (1.06 billion) US Private Placement Notes, SGD 435 million (250 million) Asian Note Programs, JPY 20 billion Term Loan and a 1 billion Revolving Credit Facility, which is fully available for drawdown.
The 30-year commitment of this new Term Loan not only reconfirms the confidence of institutional investors in the long-term growth potential of our company, it also contributes to a further improved financial maturity profile and interest rate structure of the outstanding debt, Jack de Kreij, Vopaks chief financial officer, remarks.
Vopak specialises in the storage and handling of bulk liquid chemicals, gasses and oil products. Vopak operates 80 terminals with a storage capacity of 28.7 million m3 in 31 countries.