Limetree Bay Terminals’ $100 Million Financing Agreement

Hunton Andrews Kurth LLP advised Limetree Bay Terminals, Vinson & Elkins advised AMP Capital and Davis Polk & Wardwell served as legal counsel to a group of the company’s term loan lenders.

Limetree Bay Terminals LLC (“Company”) closed a financing agreement with AMP Capital Investors S.A.R.L. and affiliates (“AMP Capital”) to provide the Company with up to $100 million in new capital.

Under the terms of the agreement, AMP Capital will provide a $50 million incremental tranche of term loans, which amount can be upsized by an additional $50 million at the election of AMP Capital. The proceeds of the term loans will be invested in the Company.

Limetree Bay Terminals is a world-class energy logistics hub centrally located in the Caribbean facilitating the storage, segregation, blending, and global movement of crude oils, fuel oils, bunker, gasolines, diesel, jet fuel, and liquid petroleum gases. Customers include integrated global oil majors, refiners, global trading houses, and the co-located refinery. The facility consists of 167 tanks, with a capacity of approximately 34 million barrels, and deep-water access to 11 docks including an offshore single point mooring (SPM) buoy capable of loading and discharging vessels up to VLCC size.

The Hunton Andrews Kurth team representing Limetree Bay Terminals was led by restructuring partners Tad Davidson (Picture) and Joe Rovira; finance partners Jeff Butler and Jared Grodin, with assistance from Andrew Blasio and Rachel Morico; and corporate partners Mark Young and Phil Haines with assistance from Mike Hoffman. Partner Tammy Brennig handled opinion matters.

The Davis Polk restructuring team included partner Damian S. Schaible, counsel Erika D. White and Aryeh Ethan Falk and associate Jonah A. Peppiatt. The finance team included partner Kenneth J. Steinberg, counsel Jon Finelli and Ilona C. Potiha and associates Jason Palios, Timothy H. Oyen and Alexander K.B. Shimamura.

Involved fees earner: Andrew Blasio – Hunton Andrews Kurth LLP; Tammy Brennig – Hunton Andrews Kurth LLP; Jeffrey Butler – Hunton Andrews Kurth LLP; Timothy Davidson II – Hunton Andrews Kurth LLP; Jared Grodin – Hunton Andrews Kurth LLP; Philip Haines – Hunton Andrews Kurth LLP; Michael Hoffman – Hunton Andrews Kurth LLP; Rachel Morico – Hunton Andrews Kurth LLP; Joseph Rovira – Hunton Andrews Kurth LLP; Mark Young – Hunton Andrews Kurth LLP;

Law Firms: Hunton Andrews Kurth LLP;

Clients: Limetree Bay Terminals;

Martina Bellini

Author: Martina Bellini