Oiltanking’s €1.5 Billion Refinancing

Latham & Watkins has advised Oiltanking GmbH on the deal. Milbank LLP advised Unicredit Bank AG and ING Bank, a branch of ING-DiBa AG.

The transaction comprised a revolving credit facility, a term loan, and a bridge loan facility fully underwritten by two banks and subsequently syndicated to a small bank group. The bridge loan will be partially refinanced through the issuance of a promissory note in early 2020 with a bond issuance planned for 2021.The refinancing marks Oiltanking’s progression to an investment grade borrower with no covenants and attractive margins.

Oiltanking GmbH is a subsidiary of the Marquard & Bahls AG group. Founded in 1972, Oiltanking has been active in tank storage logistics and is one of the largest independent operators of tank terminals for oils, gases, and chemicals worldwide. The company owns and operates 63 terminals in 23 countries with a total storage capacity of 20 million cubic meters.

Latham advised Oiltanking in the transaction with a team led by Frankfurt partner Alexandra Hagelüken (Picture), with associates Martina Eisgruber and Kate Zhu. Advice was also provided on tax matters by Munich counsel Ulf Kieker.

The Milbank team was led by Thomas Ingenhoven and included Gerrit Merkel, Thomas Kleinheisterkamp and Yasmin Holm.

Involved fees earner: Martina Eisgruber – Latham & Watkins; Alexandra Hagelüken – Latham & Watkins; Ulf Kieker – Latham & Watkins; Kate Zhu – Latham & Watkins; Yasmin Holm – Milbank; Thomas Ingenhoven – Milbank; Thomas Kleinheisterkamp – Milbank; Gerrit Merkel – Milbank;

Law Firms: Latham & Watkins; Milbank;

Clients: ING Bank; Oiltanking GmbH; UniCredit Bank AG;

Print Friendly, PDF & Email