Petroplus Successfully Completes Three Year Committed Revolving Credit Facility
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ZUG, Switzerland--(BUSINESS WIRE)-- Regulatory News:
Petroplus Holdings AG (SIX:PPHN) announced today the successful completion of its secured Revolving Credit Facility (the "RCF"). The new RCF, secured primarily by oil inventories and trade receivables, is available for letters of credit and cash borrowings and is used primarily to fund the working capital needs of the Company. The size of the new $1.05 billion RCF is slightly lower than the previous $1.2 billion RCF, reflecting the reduced requirements of our existing operations and the current operating mode. The new RCF also includes an option (the "accordion") to increase the committed facility amount up to $2.0 billion on a pre-approved but uncommitted basis in the event of increased working capital needs or future acquisitions. The Company also has access to significant uncommitted lines from committed banks, sharing the same pool of collateral as the committed lines, providing increased liquidity on an as-needed basis.
With respect to the new RCF, Karyn F. Ovelmen, Petroplus's Chief Financial Officer, said, "The securing of the new three year RCF completes our refinancing endeavors which began in September with the restructuring of our long-term debt maturities and the rights offering to enhance our capital structure and liquidity profile. I am very pleased with the three year tenure on the new RCF. The new RCF, comprised of a pool of quality banks, will provide for longer-term trade credit stability in support of the working capital needs of the company. In addition, the flexible accordion feature, along with the ability to increase and decrease the RCF via the uncommitted lines, provides the flexibility necessary to operate in a rising or declining crude oil price environment. Based on our experience with our hydrocarbon needs and the last few years of operating in a volatile crude price environment, we have appropriately sized the new RCF to support our existing operations with expansive flexibility for changes in crude oil pricing and any potential refinery acquisitions."
BNP Paribas, Commerzbank AG, Credit Suisse, Fortis Bank (Nederland) N.V., ING Bank N.V., Natixis and Societe Generale Corporate and Investment Banking were acting Mandated Lead Arrangers and Bookrunners together referred to as the "Bookrunning Mandated Lead Arrangers". The Bookrunning Mandated Lead Arrangers were joined by Morgan Stanley as Senior Mandated Lead Arranger and Deutsche Bank, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank), and UBS as Mandated Lead Arrangers and Banque Cantonale Vaudoise as Lead Arranger.
Petroplus Holdings AG is the largest independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates seven refineries across Europe: the Coryton Refinery on the Thames Estuary in the United Kingdom, the Ingolstadt Refinery in Ingolstadt, Germany, the Belgium Refining Corporation Refinery in Antwerp, Belgium, the Petit Couronne Refinery in Petit Couronne, France, the Cressier Refinery in the canton of Neuchatel, Switzerland, the Reichstett Refinery near Strasbourg, France and the Teesside Refinery in Teesside, United Kingdom. The refineries have a combined throughput capacity of approximately 864,000 barrels per day.
Source: Petroplus Holdings AG
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