Latham & Watkins has advised Oiltanking GmbH (Oiltanking), a subsidiary of the Marquard & Bahls AG group, on its comprehensive €1.5 billion refinancing.
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.
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. Oiltanking owns and operates 65 tank terminals in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region including China and India. The company has a total capacity of 20 million cubic meters.
Latham advised Oiltanking in the transaction with a team led by Frankfurt partner Alexandra Hagelüken, with associates Martina Eisgruber and Kate Zhu. Advice was also provided on tax matters by Munich counsel Ulf Kieker.