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$m

US Dollar - USD

0

2.0 years

-

-

-

Term Loan

68$m

US Dollar - USD

0

2.0 years

-

-

-

Revolving credit facility

50$m

US Dollar - USD

0

2.0 years

-

-

-