Swiss-based energy company Met Group has amended and extended its €1.1bn borrowing base facility with several major banks, securing funds to import LNG and to store and sell natural gas.
The facility was structured and led by ING, which served as coordinator and security and facility agent. The active bookrunning mandated lead arrangers were Rabobank, Natixis CIB and Société Générale. Thirteen additional international banks also participated.
This year’s facility matches the size of Met Group’s 2024 deal and includes the same number of lenders. An accordion option allows the firm to increase the facility’s size to €1.7bn.
The facility is the “main financing vehicle” for Met’s sales and trading segment and will primarily support the import, storage and sale of gas in Europe and other markets, the company says in a July 30 statement.
“The experience in recent years clearly demonstrated the importance of adequate, scalable and efficient funding solutions in gas, LNG and power trading,” it adds.
Ankur Khera, Met’s sales and trading CFO, says: “I would like to thank our strong pool of banking partners for their continued trust and support. Their confidence in our ability to grow rapidly while managing risk is deeply appreciated.”
The firm’s sales and trading segment delivered another year of “exceptional growth, robust cash generation, and further diversification”, he adds.
Met Group is present in 17 countries and operates in over 30 national gas markets, with a large end-user presence in Southern and Eastern Europe. The firm also invests in green assets such as solar and wind.
