Vopak, an independent tank storage provider for the oil and chemical industry, successfully renewed a €1 billion senior unsecured multicurrency revolving credit facility (RCF) with a syndicate of 15 international relationship banks.
This facility replaces the current RCF of €1 billion, which was in place since February 2011. The new RCF is fully available for drawdown and will 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.
Jack de Kreij, Vice-Chairman of the Executive Board and Chief Financial Officer, said:
"Since the incorporation of our predecessors 400 years ago, strategic agility and financial flexibility have been critical key factors of success. Accordingly we remain focused on ensuring flexible access to various capital markets and funding sources to support Vopak's capital disciplined growth strategy. Following the successful completion of several long term debt transactions in Private Placement markets, 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."
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.