MET Group raises €50mn in revolving credit facility
Swiss energy firm MET Group has closed a revolving credit facility (RCF) worth €50mn.
Four banks are participating in the senior unsecured RCF, which has a tenor of three years.
The facility, funded by Citi, Gazprombank, OTP Bank and UniCredit Hungary, also includes an accordion option, enabling MET to increase the maximum amount to €100mn. OTP Bank acted as the facility agent, while Clifford Chance was legal counsel.
MET’s head of group treasury and corporate finance Marc Pfefferli tells GTR: “Proceeds will be used for medium-term funding requirements arising from existing and newly-acquired fixed assets.”
He further explained that as the group grows, it is evolving into an “integrated energy company” and will seek further medium and long-term funding structures in the foreseeable future.
The deal follows the one-year extension of the company’s €735mn dual-tranche RCF in August 2017, comprising a €555mn secured and a €180mn unsecured tranche, to which 13 lenders contributed.
MET also raised €560mn in a senior debt package in February 2017 which included an unsecured 364-day RCF totalling €115mn. The transaction contained evergreen extension options and an accordion feature increasing the upper borrowing limit to €760mn, and was used to finance existing RCFs.take me back