ING led a new $650 million syndicated secured borrowing base loan on behalf of the energy and wholesale marketing division of Pilot Company, a supplier of fuel and an operator of travel centers in North America.
The facility supports Pilot Company’s oil product purchase and storage, energy and wholesale marketing, logistics and merchant activities. ING acted as the sole mandated lead arranger and bookrunner for the loan, with BNP Paribas, Rabobank, MUFG and Wells Fargo Bank serving as participant lenders. The deal closed on March 26 and was oversubscribed.
“ING has been a strong partner to Pilot Company for several years and this new financing solution supports our growth initiatives in the energy sector and fits nicely into our capital structure,” Kevin Wills, CFO of Pilot Company, said. “We were impressed with their sector expertise and execution capabilities in leading this inaugural deal. ING arranged a strong group of syndicate banks that understand our capabilities and were eager to support our business.”
“We appreciated the opportunity to expand our relationship with this landmark transaction for Pilot Company, its first transaction in the commodity finance space,” Matthew Rosetti, managing director and head of commodity finance North America at ING, said. “Pilot Company has a strong and dedicated leadership team and is well-positioned to be one of the largest commodity merchants in North America. We were pleased to see this validated with strong demand from our syndicate banks.”