A new five-year, USD 250 million revolving credit facility has been secured by Odfjell Terminals US (OTUS) to refinance existing debt “and fund investments in existing infrastructure and new growth projects”.
Terje Iversen, Odfjell CFO, said: “This is an important milestone for our terminal portfolio in the US, as it positions the company to expand its terminal footprint in Houston, one of the strongest growth areas and key hubs for petrochemicals in the world.”
Odfjell said in a statement announcing the move that this financing also includes potential additional funding of what it described as “larger scale growth opportunities”.
It said this will ensure that OTUS can embark on accretive growth opportunities and remain self-funded.
Iverson added: “We are also pleased to conclude attractive bank financing, from existing and new lenders, at a time of financial turmoil, and consider this a testament to the strong outlook for the US terminals”.
OTUS is jointly owned by Odfjell SE (51 per cent) and Northleaf Capital Partners (49 per cent). Odfjell SE is headquartered in Bergen, Norway, and operates a fleet of over 75 vessels, making it the world’s second-largest provider of chemical transportation.
Northleaf Capital Partners is headquartered in Toronto, Canada, and manages $13 billion of capital commitments.
For more information visit www.odfjell.com