BB Energy Successfully Expands its Digital Borrowing Base Credit Facility to USD 580 Million
HOUSTON, Texas, Nov. 14, 2022 /PRNewswire/ -- BB Energy, a leading global independent energy trading company, is pleased to announce that it has successfully refinanced and expanded a $580 million senior secured borrowing base credit facility (the 'Facility').
Based on an initial size of $500 million, the Facility was increased to US $580 million to finance BB Energy USA trading flows across the Americas. It has a US $320 million accordion feature available to support future growth.
Commitments were received from a globally diverse group of 11 banks with a broad geographical split. ING Capital LLC acted as Arranger and Bookrunner in the syndication and will act as Administrative Agent for the Facility. Citibank, N.A. is the Cash Management Bank. The other returning banks were Natixis NY, Société Générale NY, HSBC Bank USA, Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank, UBS Switzerland AG. In addition, there are three new participating banks, which are Valley National Bank, GarantiBank International N.V. and Banco Latinoamericano de Comercio Exterior S.A., New York Agency (Bladex).
BB Energy Group CFO, Jacques Erni commented: " We are delighted with the outcome of the Facility with a closing amount of $580 million, which is a landmark for BB Energy USA to achieve its next level of growth. This demonstrates once again our strong access to sources of funding from the global banking markets."
"I would like to thank our lead bank, ING Capital LLC, together with all of the existing lenders and the new participating banks. We are grateful for their continued strong confidence in BB Energy, and we look forward to working with them," added Erni.
Following BB Energy's successful partnership with Komgo to launch the first U.S. Digital Borrowing Base Facility in October 2021, the Facility will also be a Digital Borrowing Base on Komgo's digitalized platform. The collaboration with Komgo demonstrates BB Energy and its financial partners' common objective towards absolute transparency and enhanced integrity through digitalization.
Photo - https://mma.prnewswire.com/media/1945241/BB_Energy_Group_CFO.jpg
Share this article