Six One Commodities (61C) closed a $700 million expansion and renewal of its one-year revolving borrowing base credit facility. The facility includes a $300 million accordion feature, bringing total capital available to $1 billion. The expanded facility, which will continue to be used to provide liquidity to support 61C’s growing physical business, was significantly oversubscribed and includes a globally diverse group of ten North American, European and Asian financial institutions.
“This refinancing, achieved amidst a challenging credit environment, underscores our lending partners’ confidence in 61C’s performance and growth potential,” Benjamin Sutton, CEO of 61C, said. “Our ability to secure such substantial support paves the way for us to scale our operations and enhance our market presence.”
ING Capital, Wells Fargo Bank, MUFG Bank and Societe Generale are joint lead arrangers for the facility. Other lenders participating in the facility are HSBC Bank USA, Coöperative Rabobank, Natixis, Credit Agricole Corporate and Investment Bank, GarantiBank International and Valley National Bank.
“We are grateful for the strong support shown by our new and existing lenders,” Josh Bailey, CFO of 61C, said. “Their commitment, particularly within a tight credit market, is testament to 61C’s robust financial management and strategic vision. This refinancing not only provides the liquidity needed for our growing physical business but also fortifies our capability to explore future growth avenues efficiently.”
“ING is delighted to have played a leading role in this landmark financing for 61C,” Cauê Todeschini, head of trade commodity finance, Americas for ING Capital, said. “The positive market reception and significant oversubscription underscore the confidence lenders place in 61C’s leadership, growth prospects and strategic direction.”
