DRW Energy Trading, the energy marketing and trading subsidiary of DRW, announced Nov. 10 the closing of its upsized $1 billion revolving credit facility.
The facility comprises a two-year, $600 million committed tranche and a one-year, $400 million uncommitted tranche, with an additional $400 million accordion feature.
The facility was oversubscribed and drew support from existing lenders. Wells Fargo acted as administrative agent, bookrunner and joint lead arranger. ING Capital, MUFG Bank, Ltd., Natixis and Societe Generale acted as joint lead arrangers. Garanti BBVA International, Rabobank North America and Standard Chartered also participated.
“Access to financing is essential to moving physical power and gas where it’s needed,” said Jason Vogler, head of franchise power and gas. “This expanded facility gives us greater capacity to support physical flows across North American energy markets. We appreciate our lending banks’ continued confidence and value the relationships we have with them across DRW.”
“We are proud to have supported DRW Energy Trading in the successful closing of its $1 billion syndicated credit facility,” said Cristina Roberts, division executive for energy & commodities at Wells Fargo Commercial Banking’s Specialized Industries group. “This transaction reflects the strength of DRW’s business and the confidence of its banking group. We value our relationship with DRW and appreciate the opportunity to continue to partner with them as they expand their business in the North American energy markets.”
