DC Advisory advises OMERS on the HoldCo refinancing of its stake in Exolum

Background

• OMERS is the defined benefit pension plan for municipal employees in Ontario, Canada and holds a stake in Exolum through OMERS Infrastructure, the infrastructure investment advisor and manager of OMERS
• Exolum Group is a global logistics company for the transportation and storage of liquid products. It holds a quasi-monopolistic position in Spain by owning the country’s sole transmission pipeline network spanning 4,000km, and operates a 2,000km pipeline network in the UK
• Exolum owns 68 storage terminals with a total capacity of over 11 million cbm and serves over 48 airport facilities including major airports such as Heathrow, Gatwick, Stansted, Madrid, Barcelona, Lisbon, Lima in Peru and Charles de Gaulle in Paris 
• Exolum has developed a diversification strategy focused on energy transition with existing customers and upgrading its infrastructure. This includes Exolum’s Aviation sector’s diversification into Sustainable Aviation Fuels

Process

• DC Advisory was appointed by OMERS as exclusive financial advisor to assist in the refinancing and upsizing of its existing HoldCo debt in Exolum
• DC Advisory ran a comprehensive refinancing process, targeting existing lenders as well as new banks and institutional investors to establish a long-term financing platform
• The refinancing included multiple detailed workstreams, including financial modeling, an external ratings assessment, lender engagement, hedging, and documentation negotiation
• DC Advisory positioned Exolum alongside pipeline and market peers and secured an investment-grade rating for the new financing, demonstrating Exolum’s strong credit profile

Outcome

• In November 2025, OMERS successfully refinanced their HoldCo debt in Exolum and raised €770m at competitive pricing
• DC Advisory delivered a successful outcome for OMERS which resulted in a transaction that was oversubscribed
• The financing diversifies Exolum’s access to liquidity from banks and private placement lenders
• The new financing includes longer and diversified tenors, reducing refinancing risk and securing long-term financing
• This transaction reinforces DC Advisory’s leading position in the energy Infrastructure sector