Royal Vopak successfully signs agreements for a new debt issuance of over USD 500 million equivalent
Rotterdam, the Netherlands, 22 July 2020
Royal Vopak announces the signing of Note Purchase Agreements for a debt issuance in the US Private Placement (USPP) market for a total amount of USD 350 million and EUR 150 million. Funding will take place towards the end of this year and is subject to customary closing conditions.
On that it was exploring the possibilities and attractiveness of a debt financing transaction as part of its routine financing strategy. The senior Notes Program consists of various tranches with maturities ranging from 10 to 15 years and fixed annual interest rates ranging from 3.27% to 3.40% for the USD denominated Notes of 150 million and fixed annual interest rates ranging from 1.95% to 2.17% for the EUR denominated Notes 150 million. The subordinated Notes Program is USD denominated 200 million and consists of various tranches with maturities ranging from 4 to 8 years and fixed annual interest rates ranging from 3.68% to 4.07%.
The proceeds of this USPP will be used to repay outstanding debt and for general corporate purposes. The program will further align the well spread debt maturity profile of Vopak’s outstanding debt, and will provide maximum flexibility under the current EUR 1 billion Revolving Credit Facility.
Gerard Paulides, Chief Financial Officer of Vopak: “This successful signing of the debt issuance during the turbulent markets of 2020 demonstrates Vopak’s resilient business model and disciplined financial framework. The new issuance attracted interest from a broad range of new and existing investors and was more than 9 times oversubscribed, confirming Vopak’s ongoing competitive access to relevant capital markets. This debt issuance will further strengthen our balance sheet flexibility and supports our capital structure to continue to invest in growth opportunities for Vopak.”
Profile Vopak
Royal Vopak is the world’s leading independent tank storage company. We store vital products with care. With over 400 years of history and a focus on sustainability, we ensure safe, clean and efficient storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to our economy and daily lives, ranging from chemicals, oils, gases and LNG to biofuels and vegoils. We are determined to develop key infrastructure solutions for the world’s changing energy systems, while simultaneously investing in digitalization and innovation. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit .
This press release contains inside information as meant in clause 7 of the Market Abuse Regulation.
Disclaimer
This notice is for information only, does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of Vopak have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.
For further information please contact:
Vopak Press
Liesbeth Lans, Manager External Communication,
Telephone : +31 (0)10 4002777, e-mail: Vopak analysts and investors
Laurens de Graaf, Head of Investor Relations
Telephone : +31 (0)10 4002776, e-mail:
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