Prostar Capital has completed a refinancing for its portfolio company Fujairah Oil Terminal (FOT) with a new $280 million debt facility.
FOT is a 7.4-million-barrel bulk liquid storage terminal located in the Port of Fujairah, UAE, a major strategic energy trading center and one of the largest bunkering ports in the world. FOT is the top-ranked independent facility in the Port, contributing 29 percent of 2020 throughput and representing about 12 percent of the Fujairah storage market.
“We’re very excited to be able to take advantage of FOT’s strong financial performance and beneficial market conditions to conduct this refinancing,” said Steve Bickerton, senior managing director at Prostar Capital and chairman of FOT. “Not only have we secured more favorable terms and increased liquidity, but also the capital to fund a major VLCC expansion project that will improve operational efficiency and help the facility build on its loyal customer base for years to come.
