In View of Early Refinancing Through the Infra Debt Market, Rubis Terminal Issues Redemption Notice for €560m 2025 Bonds

Rubis Terminal issued on July 8^th, the formal notice to early redeem its 5.625% €560m senior notes initially due May 2025. These bonds will be refinanced through a new ESG-linked infrastructure debt package comprised of:

• A €700m new 7-year term loan
• A €82.5m capex facility to accompany the development of the group with new projects and continued transformation
• A €30m RCF to be used for general corporate purposes

Notably thanks to its strong efforts over the past couple of years to reduce the share of fuel related revenues, this landmark transaction demonstrates Rubis Terminal strong commitment on ESG matters. The documentation of the new financing package includes a margin grid linked to Rubis Terminal compliance with a series of ESG-linked target KPIs, notably reduction of the carbon intensity of the Group's storage operations, increase of the hazardous and non-hazardous waste recovery, and reduction of lost time injury due to work accidents.

On top of that, the new financing package confirms the Group’s clear positioning within the infrastructure asset class, while allowing to reduce its cost of debt and further increase debt maturity.

Commenting on this development, Rubis Terminal Chief Executive Officer Bruno Hayem said : “The refinancing of our bonds through the infrastructure debt market will allow the Group to optimize its debt profile with lower annual finance charges, enabling therefore more financial flexibility and agility. It is, as well, the proof of our new lenders’ confidence in our capacity to defend strong ESG objectives”.

The new financing package is being underwritten by Santander, DNB and CACIB who will manage syndication process in the coming weeks. Rubis Terminal has been advised by Rothschild & Co and Clifford Chance on this transaction.

About Rubis Terminal:

Rubis Terminal is a leading independent infrastructure platform for bulk liquid and gas product handling and storage. The Group operates a total storage capacity of 3.9 million cubic meters in 15 terminals in France, Spain, the Netherlands and Belgium.

The company is a joint venture co-controlled by Rubis, an independent French operator in the energy sector, listed on Euronext Paris and funds managed by I Squared Capital, an independent global infrastructure investment manager focusing on utilities, digital infrastructure, energy, transport, and social infrastructure.

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Contact information

Marc JACQUOT
Rubis Terminal Chief Financial Officer
Tél. : +33 (0)1 53 81 86 20 marc.jacquot@rubis-terminal.com