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DC Advisory advises VTTI on its c.$1.7bn debt refinancing

Background

  • VTTI, headquartered in the Netherlands, is a global leader in independent energy storage that develops critical energy infrastructure essential to the move towards a carbon neutral future
  • VTTI operates 16 high-quality and strategically located assets across Europe, Middle East, Africa, Asia, North America and Latin America with a total storage capacity of 9.2m cbm
  • VTTI is increasingly focused on offering innovative, efficient, and sustainable solutions by transitioning to sustainable sources of energy and developing a portfolio of decarbonization infrastructure

Process

  • DC Advisory was appointed as joint financial advisor to VTTI for the refinancing of their existing two-tier capital structure into a single tier senior common terms platform financing at VTTI Finance B.V.
  • DC Advisory supported VTTI throughout the process and successfully delivered several detailed work streams, including overall process management, financial modelling, credit rating, debt structuring and documentation negotiations
  • DC Advisory positioned VTTI’s credit alongside market peers, securing an investment-grade rating for the new financing
  • DC Advisory ran a highly competitive financing process, evaluating various structures and liquidity sources from Asian/ European and US banks and institutional investors

Outcome

  • In September 2024, VTTI raised a total of c.$1.7bn equivalent, optimizing its capital structure to establish a single-tier financing platform tailored to its business model
  • The new financing includes a common terms investment-grade platform with longer and diversified tenors, reducing refinancing risk and providing VTTI with a more flexible structure to support its growth
  • The financing also includes a committed revolving credit facility alongside ESG-linked tranches, to further support VTTI’s decarbonization and energy transition strategy
  • The financing further diversifies VTTI’s access to liquidity from banks and both European and US private placement lenders
  • This transaction highlights DC Advisory’s expertise in the energy Infrastructure sector, and further strengthens the firm’s experience in advising on complex refinancings

What to read next

Date
Sectors
  • Infrastructure
Deal type
  • Debt Advisory & Restructuring
Deal locations
United Kingdom
Deal team
Co-Head of DC Advisory’s Global Infrastructure Group
Director
Director
UN SDG Activity
  • GOAL 7: Affordable and Clean Energy
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