Deal details
Puma Energy’s infrastructure Assets - Financing
Description
2-year transaction to finance the acquisition by the borrower (Energy Infrastructure Holdings) of the oil terminal business of Puma Energy (a subsidiary of Trafigura PTE). The transaction has been beneficial for Impala Terminals Group as they continue to build their terminals business. This transaction has allowed Puma Energy to monetise these assets and apply sale proceeds to reduce overall debt, whilst retaining the offtake contract in the terminals sold. The terminals are strategically important for the import of refined products in emerging markets, thus continue to be a valuable part of Puma Energy's supply logistics network. The facility tenor is relatively short term with a balloon repayment at maturity with an unequal amortising structure and cash sweep mechanism features. These terms were agreed to optimize pricing and bank appetite, whilst providing a level of certainty for the immediate acquisition. Facility will likely be refinanced on maturity. What makes this transaction remarkable: Structure of acquisition finance utilising underlying offtake contracts to reduce recourse and maximise debt load Assets are strategically important for the emerging markets they are located in Monetising assets in emerging markets can be challenging, and the proposed terms and structure allowed the buyer/borrower to optimize finance.
Companies involved
- Credit Agricole CIB, Banco Latinoamericano de Comercio Exterior (BLADEX), Standard Chartered, Mauritius Commercial Bank, Sumitomo Mitsui Trust Bank (SMTB), Santander, Standard Bank, Banco Internacional de Costa Rica, S.A., ING Bank, Haitong Bank, Sumitomo Mitsui Banking Corporation (SMBC)
- Clifford Chance, Latham & Watkins
- Trafigura Group Pte, IFM Investors
Key information
Energy Infrastructure Holdings S.à r.l.
723$m
30-10-2022
Oil and gas / Oil - Downstream (Refining)
Singapore
Commodity Trade Finance
Tranche information
Term Loan
604$
Term Loan
604$m
US Dollar - USD
0
2.0 years
-
-
-
Participant | role | ticket size |
---|---|---|
Santander | Lender | 79$m |
ING Bank | Lender | 52$m |
Standard Chartered | Lender | 52$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 52$m |
Banco Internacional de Costa Rica, S.A. | Lender | 52$m |
Banco Latinoamericano de Comercio Exterior (BLADEX) | Lender | 52$m |
Sumitomo Mitsui Trust Bank (SMTB) | Lender | 52$m |
Haitong Bank | Lender | 52$m |
Mauritius Commercial Bank | Lender | 52$m |
Standard Bank | Lender | 52$m |
Credit Agricole CIB | Lender | 52$m |
Capex Facility
68$
Term Loan
68$m
US Dollar - USD
0
2.0 years
-
-
-
Participant | role | ticket size |
---|---|---|
Santander | Lender | 6$m |
ING Bank | Lender | 6$m |
Standard Chartered | Lender | 6$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 6$m |
Banco Internacional de Costa Rica, S.A. | Lender | 6$m |
Banco Latinoamericano de Comercio Exterior (BLADEX) | Lender | 6$m |
Sumitomo Mitsui Trust Bank (SMTB) | Lender | 6$m |
Haitong Bank | Lender | 6$m |
Mauritius Commercial Bank | Lender | 6$m |
Standard Bank | Lender | 6$m |
Credit Agricole CIB | Lender | 6$m |
RCF
50$
Revolving credit facility
50$m
US Dollar - USD
0
2.0 years
-
-
-
Participant | role | ticket size |
---|---|---|
Santander | Lender | 4$m |
ING Bank | Lender | 4$m |
Standard Chartered | Lender | 4$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 4$m |
Banco Internacional de Costa Rica, S.A. | Lender | 4$m |
Banco Latinoamericano de Comercio Exterior (BLADEX) | Lender | 4$m |
Sumitomo Mitsui Trust Bank (SMTB) | Lender | 4$m |
Haitong Bank | Lender | 4$m |
Mauritius Commercial Bank | Lender | 4$m |
Standard Bank | Lender | 4$m |
Credit Agricole CIB | Lender | 4$m |