BB Energy, a global independent energy trading company, refinanced and expanded a $580 million senior secured borrowing base credit facility.
Based on an initial size of $500 million, the facility was increased to $580 million to finance BB Energy USA trading flows across the Americas. It has a $320 million accordion feature available to support future growth.
Commitments were received from a globally diverse group of 11 banks with a broad geographical split. ING Capital acted as arranger and bookrunner in the syndication and will act as administrative agent for the facility. Citibank is the cash management bank. The other returning banks were Natixis, Société Générale, HSBC Bank, Wells Fargo Bank, Credit Agricole Corporate and Investment Bank and UBS Switzerland. In addition, there are three new participating banks, which are Valley National Bank, GarantiBank International and Banco Latinoamericano de Comercio Exterior.
” We are delighted with the outcome of the facility with a closing amount of $580 million, which is a landmark for BB Energy USA to achieve its next level of growth,” Jacques Erni, CFO of BB Energy Group, said. “This demonstrates once again our strong access to sources of funding from the global banking markets.”
“I would like to thank our lead bank, ING Capital, together with all of the existing lenders and the new participating banks. We are grateful for their continued strong confidence in BB Energy, and we look forward to working with them,” Erni said.
