Cleveland-Cliffs amended and extended its asset-based lending credit facility. The amendment extends the maturity date of the facility to June 9, 2028, and transitions the benchmark interest rate from LIBOR to SOFR. BofA Securities served as lead arranger for the ABL facility.
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.
ING appointed Andrew Bester a member of the management board banking and head of wholesale banking. Bester will officially take up his position on April 6, succeeding Isabel Fernandez, who stepped down on Dec. 31.
AgroFresh closed its comprehensive refinancing, including an amendment and extension of its senior secured credit facilities. BMO Capital Markets acted as sole financial advisor and left-lead bookrunner, while Deutsche Bank and ING acted as joint lead arrangers and joint bookrunners.
Etablissements Maurel & Prom signed an amendment agreement to re-profile the repayment of a $600 million term loan with the Bank of Tokyo-Mitsubishi UFJ, Natixis, PT Bank Mandiri, Sumitomo Mitsui Banking, Crédit Agricole, DBS, ING, HSBC and PT Bank Negara Indonesia.
Capitala Finance amended its senior secured revolving credit agreement with ING Capital as administrative agent, arranger and bookrunner.
Norsk Hydro signed a $1.6 billion revolving multi-currency credit facility with the margin linked to Hydro’s greenhouse gas emission target.
Mercuria’s North American operating entities closed a $1.9 billion one-year senior secured borrowing base revolving credit facility.
Groupe Casino signed a new €2 billion ($2.2 billion) revolving credit facility, which will mature in October 2023, as part of its refinancing plan. Twenty-five banks joined the syndicate.