01.06.16. Vopak has 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 one, also €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: “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.”
Vopak has also divested its 40% percent stake in the joint venture Nippon Vopak Co Ltd to Macquarie Asia Infrastructure Fund. Nippon Vopak owns and operates five terminals in Japan with a combined operational capacity of 203,200 cbm.
The divestment is in line with the outcome of Vopak’s business review, which was announced on 2 July 2014. Based on this business review, Vopak has updated its terminal portfolio criteria in accordance with the changing energy and petrochemical landscape. As part of the review, the group announced its decision to sell some 15 mainly smaller terminals.
The agreed net cash proceeds, based on the debt-free enterprise value of the divested ownership, amounts to approximately €26 million, after capital gains tax. From a financial reporting perspective the divestment will be reported in Q2 2016 and will result in a small exceptional gain.
1st June 2016
