Six One Commodities has increased its borrowing base facility (BFF) with ABN AMRO Capital USA as administrative agent to $175 million, and ING Capital has joined the lender group.
Following 61C’s recent success and expansion in the North American energy markets, its credit facility, led by ABN AMRO, has been enlarged. The facility will continue to be used to provide liquidity for 61C’s growing North American business. The facility can continue to be drawn through working capital loans and trade finance instruments such as letters of credit.
ABN AMRO Capital USA also acted as lead arranger on the increase and expansion.
“I would like to express my thanks to ABN AMRO for its continued commitment to 61C’s global strategy and vision. 61C is also thrilled to welcome ING to the BBF family as another world class financial institution participating in our BBF. We will continue to look to expand the BBF to support our continuing growth over the next few years. The BBF that 61C established in late 2018 has expanded 75% in just one year to its current $175 million, which is a reflection of the high quality of our trading portfolio,” said CEO Benjamin Sutton.
61C is a North American natural gas and power merchant formed in August 2018 and headquartered in Stamford, CT.