ANZ Terminals – now rebranded as Quantem – has completed its acquisition of ASX-listed GrainCorp’s Liquid Bulk Terminals business and has refinanced existing debt.
The acquisition, reported by GrainCorp to be AUD 332m (USD 229m), includes a five-year AUD 175m debt facility priced at 1.75% over BBSY.
The debt tranche was provided by a bank club comprising – by size of commitment – the Canadian Imperial Bank of Commerce, SMBC, NAB, ABN Amro and MUFG. Concurrently, the same lenders, with the addition of the Korean Development Bank, refinanced existing debt associated with ANZ Terminals’ pre-acquisition existing portfolio, providing four new tranches of senior-secured debt totalling AUD 282.7m (USD 197.72m).
The acquisition and refinancing closed on 31 December, following clearance of all regulatory approvals. On the same day, ANZ Terminals Chief Executive Nick Moen said in a press release that the combined business had been renamed Quantem.
The Quantem operation constitutes bulk liquid storage facilities in 12 locations across Australia and New Zealand, with storage capacity of around 600,000 cubic meters.