BB Energy, a leading global independent energy trading company, has successfully renewed and expanded its senior secured borrowing base credit facility (the ‘Facility’) in the Americas. The Facility finances the company’s working capital needs for inventory and receivables in the region.
The Facility was launched at US $500 million and subsequently increased to US $600 million on the back of a strong oversubscription and can be increased by an additional US $200 million via the available accordion feature.
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, while Citibank, N.A. is the Cash Management Bank.
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The other returning banks were Natixis NY, Société Générale NY, HSBC Bank USA, Wells Fargo Bank, N.A., Credit Agricole, UBS Switzerland AG and Garanti Bank International. In addition, two new banks joined the Facility: Deutsche Bank and Mitsubishi UFJ Financial Group, Inc. (MUFG).
BB Energy Regional CFO, Americas, Sergio Marazita, commented: “We are very pleased with the successful syndication of our key credit facility in the Americas. The oversubscription from our banking partners is evidence of their strong confidence in BB Energy.”
“We are very happy to welcome two new banks to the Facility, Deutsche Bank and MUFG. 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 support of BB Energy, and we look forward to working with them,” added Marazita.
“ING is delighted to have played a leading role in the successful renewal of BB Energy’s US Borrowing Base Facility. The entry of new lenders and the resulting large oversubscription is a testament to the maturity of BB Energy’s operations in the Americas,” said Caue Todeschini, Head of TCF Americas at ING.
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.
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