Global tank terminal giant Royal Vopak (Vopak) today announced that it will issue a new $375 million unsecured notes programme in the US private placement market to provide funds for its growth strategy.
$275 million of the proceeds are expected to be made available in June with the remaining amount for December, Vopak said. 26 institutional investors are participating in the programme.
The company said the new notes would strongly improve the financial maturity profile of its outstanding debt.
"Following the successful alignment of the outstanding Notes we experienced very strong excess demand on this new issue and we now have strengthened our relationship with several existing investors while also attracting a broad group of new investors. We deem this is a clear reflection of our solid financial position. It also demonstrates the appreciation of our track record in terms of financial performance," commented Jack de Kreij, Member of the Executive Board and Chief Financial Officer of Vopak.
He added that this transaction would facilitate the execution of Vopak's business ambitions as reflected in the company's growth strategy.
Vopak is the world's largest independent tank terminal operator, and operates 75 terminals in 30 countries.
The Dutch company's global storage capacity increased by 783,300 cubic metres (m³) to over 21 million m³ gross capacity in 2006.
Vopak has said it will globally add more than 1.7 million m³ in storage capacity during 2007 and 2008. Its terminals are strategically located for users and the major shipping routes.
$275 million of the proceeds are expected to be made available in June with the remaining amount for December, Vopak said. 26 institutional investors are participating in the programme.
The company said the new notes would strongly improve the financial maturity profile of its outstanding debt.
"Following the successful alignment of the outstanding Notes we experienced very strong excess demand on this new issue and we now have strengthened our relationship with several existing investors while also attracting a broad group of new investors. We deem this is a clear reflection of our solid financial position. It also demonstrates the appreciation of our track record in terms of financial performance," commented Jack de Kreij, Member of the Executive Board and Chief Financial Officer of Vopak.
He added that this transaction would facilitate the execution of Vopak's business ambitions as reflected in the company's growth strategy.
Vopak is the world's largest independent tank terminal operator, and operates 75 terminals in 30 countries.
The Dutch company's global storage capacity increased by 783,300 cubic metres (m³) to over 21 million m³ gross capacity in 2006.
Vopak has said it will globally add more than 1.7 million m³ in storage capacity during 2007 and 2008. Its terminals are strategically located for users and the major shipping routes.