13 June 2013 - Trafigura AG today announced the closing of USD200 million in long-term bond financing to support further development of the Burnside Terminal in Louisiana which is operated by wholly owned subsidiary Impala Warehousing (US) LLC. Already receiving regular shipments of bauxite and coal through its barge fleeting operations, the terminal, upon completion, will become one of the top coal and bulk logistics facilities in the US and one of the only facilities on the Mississippi River able to offer both barge-to-vessel and rail-to-vessel capability.
The tax-exempt private activity bond was achieved via two issuances: conversion of the existing USD 70 million "Gulf Opportunity Zone" bonds into a fixed rate and term structure, and a new offering of USD130 million in "Dock and Wharf" bonds through the Louisiana Public Facilities Authority (LPFA). The main placement agent on the transaction was SunTrust Robinson Humphrey Inc, with assistance from Natixis Securities Americas LLC and Fifth Third Securities LLC in co-placement agent roles. The bonds were sold to a variety of large institutional tax-exempt bond investors and were oversubscribed.
Trafigura AG's North America Chief Financial Officer, Bryan Keogh, said: "This issuance is a huge win for Impala and the Trafigura Group as it raises long-term and well-priced tax-exempt debt to underpin our investment in the Burnside project. Further, as the deal was secured by Impala's terminal and through-put agreement assets, the project debt structure is more beneficial to the Group's balance sheet. With this successful entry into the United States tax-exempt financing market, the company continues to find new markets very receptive to Trafigura's business model and growth."
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Trafigura AG is a wholly owned subsidiary of Trafigura Beheer BV ("Trafigura"). Trafigura is one of the world's leading international commodity traders, specializing in the oil, minerals and metals markets, with 81 offices in 54 countries in six continents. Trafigura's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, coal, refined metals, ferrous and non-ferrous ores and concentrates. It is the world's second largest privately owned non-ferrous and oil trading company. Founded in 1993, the company is owned by its founding shareholders and senior management. It has achieved substantial growth in recent years, growing turnover from USD18 billion in 2004 to USD120.42 billion in 2012.
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