Vopak secures $1 billion in private placement programme
Rotterdam headquartered Royal Vopak N.V. (Vopak) said today it has successfully completed the issue of a new Notes Program in the US Private Placement (USPP) market for a total amount of approximately $1 billion "in various currencies."
Of the 37 institutional investors participating in the program, it said 10 were new investors, Ship & Bunker reports.
"In combination with our current US and Asian PP Programs, our RCF and our portfolio of specific project financings this new Notes Program further enables the execution of our growth ambitions as reflected in our global terminal network expansion strategy, supported by a robust customer demand and a strong financial performance over the last years," said Jack de Kreij, Vice-Chairman of the Executive Board and Chief Financial Officer of Vopak.
Vopak said the proceeds made available towards the end of this year and will be used to repay outstanding debt and for other general corporate purposes.
The company is currently engaged in the RM5 billion ($1.65 billion) deepwater oil terminal project, Pengerang Independent Deepwater Petroleum Terminal (PIDPT), a joint venture between Vopak, Dialog Group Berhad (Dialog), and Malaysia's Johor state.
Dialog executive chairman Ngau Boon Keat says the facility could help Malaysia-Singapore Oil Operations "be bigger than Rotterdam."