August, 2021 [Patch] – Limetre Bay Terminals LLC is getting up to $100 million in a new financing agreement to keep the fuel storage facility on St. Croix operational.
The company made the announcement on Monday, August 2. According to the press release, AMP Capital Investors S.A.R.L will give Limetree Terminals’ parent company $50 million in loans. AMP Capital has the option of increasing the loan by an additional $50 million, for a total of $100 million.
It is worth clarifying that Limetree Terminals is a separate entity from Limetree Bay Refining, which shut down operations in June and declared bankruptcy in July. In the press release, executives emphasized that Limetree Terminals is expected to continue operating while Limetree Refinery undergoes its own restructuring process.
Jeffrey Rinker, Limetree Bay’s CEO said, “This substantial capital infusion is a clear demonstration of the strategic importance of the Limetree Bay terminal and the vital role this large-scale logistics facility plays in the flow of materials for St. Croix and the region.”
The fuel storage facility has a capacity of approximately 34 million barrels. It also has deep-water access to 11 docks including an offshore single point mooring buoy capable of accomodating large shipping vessels.
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