Energy trading company BB Energy has signed a US$350mn one-year revolving credit facility (RCF), adding a further US$150mn since syndication was launched in May.

Proceeds will be used to refinance the company’s maturing facility that was signed in 2021 and extended in 2022, as well as for general corporate purposes.

The new facility was opened at US$200mn and oversubscribed by 100%, enabling an increase in size to US$350mn through scaling back lenders’ original commitments. It includes an accordion feature to increase the amount up to US$400mn. Seven new banks joined the RCF this year, bringing the bank pool to 27 lenders.

ING, Mashreqbank, Natixis, Société Générale and UBS acted as bookrunners and mandated lead arrangers (MLAs). Also joining as MLAs were Abu Dhabi Commercial Bank, Apicorp and the National Bank of Ras Al-Khaimah. AKA Bank, Banca UBAE, CA Indosuez, Citi and HSBC came in as lead arrangers.

ABC International Bank, Bank Misr and Erste Group joined as arrangers, while Absa, Afrasia Bank, Banque Cantonale Vaudoise, Bank of China, Banque Internationale de Commerce, BACB, Commercial Bank of Dubai, GarantiBank, National Bank of Fujairah, Raiffeisen and SBM were co-arrangers.

Abu Dhabi Commercial Bank, Banca UBAE, Bank ABC, Citi, CA Indosuez, Garanti Bank and HSBC joined as early birds prior to the launch of the syndication. Société Générale also acted as syndication co-ordinator, with ING as documentation agent and facility agent.

“This well-established and continuing recognition of our structured platform is a reflection of the strong endorsement from our banking partners, and this allows us to access a pipeline of sustainable and committed sources of funding across global markets,” says Jacques Erni, BB Energy’s chief financial officer. “We are grateful and deeply appreciate the long-standing support of our core banking group and are pleased to welcome seven new banks to the facility.”

BB Energy was founded by Lebanon’s Bassatne family in the 1960s and primarily trades crude, refined oil products, LNG and LPG. In 2022, it traded 31 million tonnes of crude and petroleum products and gas, resulting in a turnover of US$24bn.