Clifford Chance advises UNITANK on sustainability-linked debt facility
17 April 2024
- Florian Mahler, Georg Lübbehüsen, Philip Rosak, David Neu, Christopher Banks, Dominik Engl, Claus-Peter Knöller, Stefanie Ferring, Sadan Ramovic, , Lounia Czupper,
- Frankfurt, Düsseldorf, Munich, Luxembourg, Brussels
Clifford Chance advises UNITANK on sustainability-linked debt facility
Global law firm Clifford Chance has advised UNITANK, an oil logistics company, on the closing and refinancing of sustainability-linked debt facilities totalling €157 million. The financing is provided by Landesbank Hessen-Thüringen, National Australia Bank and Scotiabank. The funds allow UNITANK to continue its current business as a leading independent storage provider and to invest in the opportunities arising from the energy transition.
UNITANK owns and operates six large tank farms at five locations in Germany and Belgium. For environmental reasons, the company builds all its new tanks using the tank-in-tank construction method and a double bottom. Oil companies and traders can rent storage capacity and have their products refined and handled by UNITANK.
Since 2019, UNITANK has two financially strong and long-term shareholders: DIF Capital Partners and abrdn.
"With this mandate, we are once again underlining our strategic focus on the energy sector and advising on the energy transition," says Florian Mahler, partner in the Global Financial Markets practice group at Clifford Chance.
The Clifford Chance team advising UNITANK was co-led by partner Florian Mahler (Düsseldorf) and by counsel Georg Lübbehüsen (Frankfurt) and included senior associate Philip Rosak (Frankfurt), counsel David Neu und associate Christopher Banks (both for hedging, Munich) (all Global Financial Markets). The tax team consisted of partner Dominik Engl und counsel Claus-Peter Knöller (both Tax, Pensions & Employment, Frankfurt). From Luxembourg, partner Stefanie Ferring, senior associate Sadan Ramovic and trainee lawyer Céline Haddad (all Global Financial Markets) provided support. From Brussels, partner Lounia Czupper and associate Yonathan Tison (both Global Financial Markets) were part of the team.