At VIFreepBreaking NewsBusiness NewsConsumer NewsSt. Croix News

Some 1,300 Workers Have Arrived On St. Croix To Work At Limetree Bay Refining

CHRISTIANSTED — Limetree Bay Ventures said that it has closed a $1.25 billion financing deal to restart its refinery located in St. Croix’s south shore industrial area.

The company is undertaking the project in conjunction with the tolling, supply and off-take agreements that it executed with BP Products North America in December.

The common equity in Limetree Bay is owned by affiliates of ArcLight Capital Partners, Freepoint Commodities, and a sovereign wealth fund.

“The closing of the financing provides the resources necessary to complete the refinery restart,” said Brian Lever, President, Limetree Bay Refining. “We have 1,300 workers currently involved in the project and expect a significant ramp in activity over the coming months as we prepare for restart by the end of (2019).”

The financing comprises $550 million of preferred equity and a $700 million term loan. The preferred equity was led by funds and accounts managed by EIG Global Energy Partners, which was joined by other investors including funds affiliated with BlackRock and Barclays.

The term loan was led by Westbourne Capital. In conjunction with the financing, ArcLight also made a significant additional common equity commitment to Limetree Bay.

Barclays acted as lead placement agent and EIG Global Energy Partners Capital Markets, LLC served as co-placement agent on the preferred equity issuance by Limetree Bay. Goldman Sachs Bank USA and Barclays acted as joint lead arrangers and joint bookrunners on the term loan issuance by Limetree Bay Refining.

Previous post

UVI Approves Free Tuition For Students Getting Higher Education In Virgin Islands

Next post

Coast Guard Captures 29 Dominicans Trying To Come To United States Illegally

The Author

John McCarthy

John McCarthy

John McCarthy has been reporting on the U.S. Virgin Islands and the Caribbean region since 1989. John's articles have appeared in the BVI Beacon, St. Croix Avis, San Juan Star and Virgin Islands Daily News. He is originally from Detroit, Michigan.

6 Comments

  1. January 25, 2019 at 1:48 PM — Reply

    Good new,but are they going to hire 1,300 locals too????

  2. JC
    January 25, 2019 at 2:10 PM — Reply

    Locals is who destroys businesses on island, many stole equipment and numerous tools from then Hovensa / Hess , many scammed or intentionally got hurt to sue and after getting rich found legal loopholes to get rehired. I feel sorry for the honest few that pays for the sins of the many.

  3. Tom
    January 25, 2019 at 11:46 PM — Reply

    The story is misleading. That 1300 figure is for all workers who are currently involved in the restoration. It does not say how many have came from the states to work. My guess is about half are from the states and half are local.

  4. January 30, 2019 at 12:15 PM — Reply

    Any work is better than NO work, be proud that with the restart of the refinery will bring jobs to the island that hasn’t been there since 2012.

  5. Angela Koole
    August 1, 2019 at 1:51 AM — Reply

    How can I apply?

Leave a reply

Your email address will not be published. Required fields are marked *