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Simpson Thacher advised First Reserve Corporation and Vopak in their acquisition of the Bahamas Oil Refining Company (BORCO) oil storage terminal in Freeport, Bahamas. The purchase price was $900 million and the equity value of the new company amounted to $550 million, split 80%-20% between affiliates of First Reserve Fund XI, L.P. and Vopak, respectively. The acquisition was financed in part by a senior secured credit facility fully underwritten by ABN AMRO Bank N.V. and DnB Nor Bank ASA, and received all regulatory approvals from the Government of the Bahamas.

The Simpson Thacher London attorneys advising First Reserve Corporation and Vopak on the transaction include Gregory Conway, Marina Lin and Wheatly Aycock (Corporate). The Simpson Thacher New York attorneys advising First Reserve Corporation and Vopak on the transaction include William Curbow and Shalini Aggarwal (Corporate); and Alden Millard, Joshua Koenig and Jonathan Strom (Credit).