Six One Commodities has signed a $100 million borrowing base facility (BFF). The BBF will be used to provide liquidity for its growing business. The facility can be drawn through working capital loans and trade finance instruments such as letters of credit.
ABN AMRO Capital USA acted as lead arranger and administrative agent on the deal.
In August of 2018, Pinnacle Asset Management partnered with Benjamin Sutton, who had served as head of North American Gas and Power at Noble Americas Gas & Power, to form 61C. Simultaneously with this partnership, 61C acquired the North American natural gas wholesale trading business from Sierentz Global Merchants. Sutton serves as the CEO of 61C.
“The closing of our credit facility is a huge leap forward for 61C’s financial flexibility and overall cost of capital,” commented Sutton. “We would like to thank ABN AMRO and Pinnacle for their invaluable commitment over the past nine months, which has been instrumental to the enormous strides 61C has already made.”_x000D_
61C is a North American natural gas and power merchant formed in August 2018 and headquartered in Stamford, CT.
Founded in 2003, Pinnacle Asset Management is a private, New York-based alternative asset management firm focused on the global commodities markets.
