Odfjell Terminals US (OTUS) has closed a new five-year, US$250 million revolving credit facility to refinance existing debt and also to fund investments in its existing infrastructure and new growth projects.
The new financing also includes potential additional funding of larger-scale growth opportunities.
“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. The financing ensures that OTUS can embark on accretive growth opportunities and remain self-funded. 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”, commented Chief Financial Officer, Terje Iversen.
OTUS is jointly owned by Odfjell SE (51%) and Northleaf Capital Partners (49%). Odfjell SE is headquartered in Bergen, Norway and operates a fleet of 80+ vessels, making it the world’s second-largest provider of chemical transportation. Northleaf Capital Partners is headquartered in Toronto, Canada and manages US$13 billion of capital commitments deployed across 200+ active private equity, private credit and infrastructure investments in 14 countries.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/25032020/odfjell-terminals-us-concludes-financing-deal/
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