NEW YORK, April 1, 2021 /PRNewswire/ -- ING led a new $650 million syndicated secured borrowing base loan on behalf of the energy and wholesale marketing division of Pilot Company, one of the leading suppliers of fuel and the largest operator of travel centers in North America.
The facility supports Pilot Company's oil product purchase and storage, energy and wholesale marketing, logistics and merchant activities. ING acted as the Sole Mandated Lead Arranger and Bookrunner, with participant lenders BNP Paribas, Rabobank, MUFG and Wells Fargo Bank N.A. The deal closed on March 26, 2021 and was well oversubscribed.
"ING has been a strong partner to Pilot Company for several years and this new financing solution supports our growth initiatives in the energy sector and fits nicely into our capital structure," said Kevin Wills, CFO, Pilot Company. "We were impressed with their sector expertise and execution capabilities in leading this inaugural deal. ING arranged a strong group of syndicate banks that understand our capabilities and were eager to support our business."
"We appreciated the opportunity to expand our relationship with this landmark transaction for Pilot Company, its first transaction in the commodity finance space," said Matthew Rosetti, Managing Director and Head of Commodity Finance North America at ING. "Pilot Company has a strong and dedicated leadership team and is well-positioned to be one of the largest commodity merchants in North America. We were pleased to see this validated with strong demand from our syndicate banks."
About ING ING Capital LLC is an indirect U.S. subsidiary of ING Group N.V., a global financial services company with a network spanning 40 countries. ING Group has 51,000 employees helping its 36.9 million customer base manage their money and meet financial goals. ING, in the US, offers a full array of wholesale financial products, such as commercial lending, and a full range of financial markets products and services through ING Financial Holdings Corporation, and its affiliates.
About Pilot Company Pilot Company keeps North America's drivers moving as one of the leading suppliers of fuel and the largest operator of travel centers. Founded in 1958 and headquartered in Knoxville, Tennessee, Pilot Company has grown its network to more than 1,000 retail and fueling locations and as the third largest tanker fleet in North America, supplies more than 11 billion gallons of fuel per year to the market. Its energy division also supplies DEF, bio and renewables and provides hauling and disposal services. Through the company's vast network of fueling locations, Pilot Company serves 1.5 million guests per day and provides over 30,000 direct fleet customers with bundled solutions for fuel, credit, factoring, services and rewards. Its Pilot Flying J Travel Center network includes over 750 locations in 44 states and five Canadian provinces with more than 680 restaurants, 74,000 truck parking spaces, 5,300 deluxe showers, 6,200 diesel lanes and offers truck maintenance and tire service through Southern Tire Mart at Pilot Flying J. The One9 Fuel Network connects a variety of fuel stops to provide value, convenience and perks to fleets and professional drivers at more than 240 locations across the United States. More information on locations and rewards are available in the myRewards Plus app.
Pilot Company is currently ranked No. 10 on Forbes' list of America's Largest Private Companies. For additional information about Pilot Company, its 28,000 team members and commitment to giving back, visit www.pilotcompany.com.