Aug 2, 2021   SOURCE: BusinessWire

Limetree Bay Terminals Announces Financing Agreement With AMP Capital for up to $100 Million

Limetree Bay Terminals, LLC (“Limetree Terminals” or the “Company”) today announced that it has entered into a financing agreement under which AMP Capital Investors S.A.R.L. and affiliates (“AMP Capital”) will provide the Company with up to $100 million in new capital.

Under the terms of the agreement, AMP Capital will provide Limetree Terminals’ indirect parent company, Limetree Bay Terminals Holdings II, LLC with a $50 million incremental tranche of term loans, which amount can be upsized by an additional $50 million 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’s 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 LLC (“Limetree Refinery”), whose operations have been suspended following the filing of voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. Limetree Terminals is expected to continue to operate without interruption while Limetree Refinery undergoes its restructuring process.

Huntons Andrews Kurth, LLP is serving as legal counsel to Limetree Terminals and Evercore is serving as the Company’s financial advisor. Vinson & Elkins, LLP is serving as legal counsel to AMP Capital and Davis Polk & Wardwell LLP is serving as legal counsel to a group of the company’s term loan lenders.

About Limetree Bay Terminals

Limetree Bay Terminals, LLC is a world-class 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 (SPM) buoy capable of loading and discharging vessels up to VLCC size.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “ project,” “estimate,” “expect,” “strategy,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates and commodity prices; the level of demand for our storage services; changes in customer demand; the extent to which we are successful in gaining new long-term relationships with customers or retaining existing ones; closures or slowdowns and changes in labor costs and labor difficulties, including stoppages; and the outcome of the pending chapter 11 bankruptcy process for Limetree Bay Refining, LLC. Any forward-looking statements made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future development or otherwise.