Swiss-based energy company Met Group has upscaled the borrowing base facility for its sales and trading unit to €1.2bn, attracting support from a syndicate of 17 banks.
The facility is €100mn larger than the same transaction last year, and also includes an option to increase its size to a maximum of €1.8bn.
Met Group, which is active across natural gas, LNG, power and renewables, said the refinancing was “significantly oversubscribed… reflecting strong market appetite”.
ING again acted as coordinator, security and facility agent, with Rabobank, Natixis and Société Générale joining as active bookrunning mandated lead arrangers.
The other lenders were Bank of China’s Geneva branch, Banque Cantonale de Genève, Banque de Commerce et de Placements, CA Indosuez, Citibank Europe, Deutsche Bank’s Amsterdam branch, DZ Bank, GarantiBank International, OTP Bank, UBS Switzerland and Zürcher Kantonalbank, with MUFG joining as a new participant.
Met Group said the facility “strengthens the group’s financial flexibility and supports its continued growth”.
“It provides the financial backing and flexibility needed to advance the company’s customer-focused strategy, where sourcing and supply are built around the needs of end customers,” the company said.
Ankur Khera, chief financial officer of Met Group’s sales and trading segment, added: “The continued trust of our banking partners, reflected in the strong oversubscription, is a clear endorsement of our strategy and disciplined growth approach.”
