Six One Commodities closed a one-year, $745 million revolving borrowing base credit facility, which was expanded from $540 million by the company’s existing financial institutions. The facility has a $255 million accordion feature, making for a total of $1 billion to support future growth.
ING Capital, Wells Fargo, MUFG and Société Générale are joint lead arrangers for the facility. Other lenders in the facility are HSBC Bank and Coöperative Rabobank. The facility will continue to be used to provide liquidity for Six One Commodities’ physical business.
“We are again grateful for the continued strong support shown by our existing lenders,” Benjamin Sutton, CEO of Six One Commodities, said. “With the global energy markets in a highly volatile state, access to liquidity is the key component of a physical commodity merchant. This further expanded facility positions 61C for continued growth to be a leading merchant in the physical energy commodity markets for years to come.”
“Financial institutions are faced with difficult choices in this challenging and volatile operating environment. So, this successful syndication was a meaningful accomplishment for the 61C team in what is a cautious moment for capital providers,” Matthew Rosetti, managing director and head of trade and commodity finance in North America for ING, said.