Oiltanking Odfjell Terminal Singapore Pte Ltd secures a 6 year Syndicated Term Loan Facility of SGD 200 million (USD 138 million)
Tuesday, Jul 14, 2009
Oiltanking Odfjell Terminal Singapore Pte Ltd ("OOTS" or the "Company") has signed a SGD 200 million Syndicated Term Loan Facility (the "Facility") with DBS Bank Ltd, Calyon, and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers.
DBS Bank Ltd was the sole Bookrunner for the Facility. Proceeds from the 6 year Facility will be used to refinance existing loans and to finance the Company's expansion project on Jurong Island.
In the midst of the global credit crunch and the subsequent dearth of syndicated loan transactions, OOTS has emerged as the one of the very few companies in Asia who has been able to successfully tap the syndication loan market for a facility with tenor of more than 5 years.
The Facility is regarded as an acknowledgement of the Company's robust position as one of the leading independent chemical storage providers in Singapore and a reaffirmation of its sound business profile and growth potential.
Oiltanking Odfjell Terminal Singapore Pte Ltd is a 50/50 joint venture between Oiltanking GmbH and Odfjell SE. OOTS, incorporated in December 1999, owns and currently operates a 226,000 cubic metre (cbm) chemical storage terminal in Jurong Island.
Source: Odjfell
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