Hartree Partners closed its core senior secured borrowing base revolving credit facility on Sept. 4, 2024, totaling $4.1 billion._x000D_
_x000D_
The facility, which is comprised of a $2.05 billion two-year tranche and a $2.05 billion three-year tranche, also includes an accordion feature to increase the facility up to $4.6 billion to support the company’s liquidity needs and future growth. A diverse group of 22 banks participated in the facility, including six new banks. The facility was oversubscribed, with more than $4.25 billion in total commitments received. Notably, the facility was amended during this renewal to add Hartree’s subsidiary Sprague Operating Resources, which was fully acquired during 2022, as a co-borrower along with certain other subsidiaries of Hartree, all with an aim towards operational and financial efficiencies._x000D_
_x000D_
“Hartree’s borrowing base revolving credit facility has been part of our DNA for almost ten years,” Bryan Keogh, chief financial officer of Hartree, said. “We’re incredibly pleased that the Facility has grown with us and now not only includes a large bank group, but also supports a more diverse, multi-regional commodity asset group. We are extremely grateful for the support this bank group has demonstrated year after year in meeting Hartree’s needs.”_x000D_
_x000D_
MUFG Bank served as administrative agent and sole bookrunner for the facility. MUFG, Société Générale, Wells Fargo Bank, Coöperatieve Rabobank (New York branch) and ING Capital served as joint lead arrangers for the facility. In addition, 17 other banks participated at various commitment levels._x000D_
_x000D_
Cadwalader, Wickersham & Taft served as counsel to the lenders. Hogan Lovells U.S. served as counsel to the borrower.
Forward for Specialty Finance
