Financing powers regional growth for Zenith Energy

Founded in 2014, Zenith Energy is an international liquid bulk terminal company that is strategically focused on becoming a global oil & gas midstream operator. To achieve its objectives, the Houston-headquartered company is undertaking both greenfield expansions and acquisitions. In April 2016, Zenith gained a foothold in the Amsterdam-Rotterdam-Antwerp region, one of the most important global strategic storage and trading hubs, through the acquisition of the former BP terminal in Amsterdam.

Within a few months of the acquisition, the company had rented out the terminal’s unused tank’s capacity and was executing a turnaround programme that could bring it back into full operation. Zenith appointed NIBC in mid-2016 for their structuring skills and market know-how to create a financing solution that would fit its unique business case.

The assignment

In a landmark transaction in January 2017, NIBC’s Mid Markets Corporates team closed senior facilities for Zenith Energy to finance a capex programme for its liquid bulk storage terminal in Amsterdam.

Adding value

NIBC employed its knowledge as a financial partner to provide Zenith with innovative solutions, where other banks had struggled to understand the business case. In addition to being a senior lender and facility and security agent, NIBC played a lead role in arranging and structuring the debt package. NIBC also arranged a replacement of an expensive cash collateralised guarantee with a more attractive guarantee facility.

Delivering results

With our solution in place, the company can fund the terminal’s turnaround capex plan to make the facility fully operational again.NIBC understood our vision and strategy immediately. They approached this innovative financing with full understanding of our company and needs and were therefore able to structure a highly tailored solution for us. - Carlos Ruiz, Chief Financial Officer Zenith Energy

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