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.