We advised an ad hoc group of lenders on the refinancing

Davis Polk advised an ad hoc group of term lenders holding more than 80% of the outstanding principal amount of Limetree Bay Terminals LLC’s (LBT) $475 million senior secured term loan facility due in February 2024 in connection with a refinancing provided by third-party lenders and the repayment in full of the existing term loan facility.

Limetree Bay Terminals 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.

The Davis Polk restructuring team included partners Damian S. Schaible and Christian Fischer, counsel Jonah A. Peppiatt and associates Alexander K.B. Shimamura, Motty Rivkin and Reem Z. Ali. The corporate team included counsel Ajay B. Lele and associate Saba Yasmin. Partner Lucy W. Farr and associate Bradford Sherman provided tax advice. All members of the Davis Polk team are based in the New York office.

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