Limetree Bay Terminals, based in the US Virgin Islands, has agreed $100m in new capital from AMP Capital Investors.
Under the terms of the agreement, AMP Capital will provide Limetree Terminals’ indirect parent company, Limetree Bay Terminals Holdings II, LLC with a $50m incremental tranche of term loans, which amount can be upsized by an additional $50m at the election of AMP Capital. The proceeds of the term loans will be invested in the company.
“This substantial capital infusion is a clear demonstration of the strategic importance of the Limetree Bay terminal and the vital role this large-scale logistics facility plays in the flow of materials for St. Croix and the region,” said Jeffrey Rinker, Limetree Bay CEO. “The transaction significantly enhances the company’s liquidity position allowing us to build on our strategic location and world-class facilities.”
Limetree Terminals is distinct and separate from Limetree Bay Refining, whose operations have been suspended following the filing of voluntary petitions under Chapter 11 of the US Bankruptcy Code. Limetree Terminals is expected to continue to operate without interruption while Limetree Refinery undergoes its restructuring process.
Limetree Bay Terminals is an 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 buoy capable of loading and discharging vessels up to VLCC size.
For more information visit: www.limetreebayenergy.com