Freepoint Commodities Announces $500 Million Credit Facility

Nov 02, 2011, 09:30 ET from Freepoint Commodities LLC

GREENWICH, Conn., Nov. 2, 2011 /PRNewswire/ -- Freepoint Commodities LLC, a physical commodity trading and marketing company founded by former Sempra Energy Trading executives with over $300 million in committed equity capital, announced today it has recently closed a $500 million credit facility.

Led and arranged by BNP Paribas, additional banks committed to the facility include Rabobank, ING, Natixis, ABN AMRO, Credit Agricole, DZ Bank and RBI. The credit facility is structured as a three-year committed borrowing base facility which will be used to support Freepoint Commodities' physical trading activities.

"We are pleased to have successfully concluded this transaction," said CEO David A. Messer. "This achievement positions us to become a strong commodity merchant and we look forward to diversifying our business across commodity products and geographic regions."

About Freepoint Commodities

Founded by former Sempra Energy Trading executives, Freepoint Commodities is based in Greenwich, CT with 100 employees worldwide. Freepoint Commodities initiated trading and marketing in June 2011 and operates North American Natural Gas and North American and European Power groups out of locations in Connecticut, Texas, and Kentucky in the United States, as well as in Toronto, Canada, and London, United Kingdom.  Management, employees and private equity funds managed by Stone Point Capital have provided the initial equity capital for the company.

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SOURCE Freepoint Commodities LLC