HOUSTON, Nov. 14, 2022 /PRNewswire/ -- BB Energy, a leading independent global energy trading company, is pleased to announce that it has successfully refinanced and extended a $580 million senior secured credit facility. (the line").
Based on an initial size of $500 million, the credit facility was expanded to $580 million to finance BB Energy USA's trade flows throughout the Americas. It has a $320 million accordion feature to support future growth.
Commitments were received from a group of 11 banks from around the world with a wide geographical distribution. ING Capital LLC has acted as organizer and Bookrunner in the syndication and will act as administrative agent for the loan. Citibank, N.A. is the Cash Management Bank. The other banks returning are Natixis NY, Société Générale NY, HSBC Bank USA, Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank and 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 marks a milestone for BB Energy USA to reach its next level of growth. This demonstrates once again our strong access to funding sources from the global banking markets."
"I would like to thank our parent bank, ING Capital LLC, along with all existing lenders and new participating banks. We are grateful for their continued strong confidence in BB Energy, and look forward to working with them," added Erni.
Following the success of BB Energy's partnership with Komgo to launch America's first digital credit facility in October 2021, the credit facility will also be a digital credit foundation on Komgo's digitized platform. The collaboration with Komgo demonstrates the common goal of BB Energy and its financial partners towards absolute transparency and greater integrity through digitization.
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