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 $325 million and €260 million (equivalent to around €560 million total). Funding will take place in June 2025 and is subject to customary closing conditions.
This Notes Program consists of various EUR and USD tranches with maturities ranging from five to 11 years. For the USD denominated Notes of 325 million (of which 100 million are Subordinated Notes) the weighted average fixed annual interest rate is 5.7%. For the EUR denominated Notes of 260 million (of which 60 million are Subordinated Notes) the weighted average fixed annual interest rate is 4.2%.
The proceeds of this USPP will be mainly used to refinance outstanding and/or maturing debt in 2025. 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.
Michiel Gilsing, chief financial officer of Vopak says: ‘The successful debt issuance, attracting more than 9x oversubscription, underpins our ongoing access to relevant capital markets and further strengthens Vopak’s financial foundations. This allows us to continue strategy execution to grow in industrial and gas terminals and accelerate investments in the energy transition infrastructure.’
This announcement does not constitute an offer of any securities for sale in the United States or any other jurisdiction. The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
