Global energy trader BB Energy has signed its first US borrowing base facility, worth US$500mn, in partnership with Swiss trade finance fintech Komgo.

ING acted as joint lead arranger and bookrunner on the facility and will serve as the administrative agent. Natixis was the other joint lead arranger and Citibank acted as the cash management bank. A total of eight lenders, including new participants, joined the facility.

The deal was oversubscribed by US$50mn after an initial launch size of US$450mn. It includes a US$150mn accordion feature.

BB Energy, whose US arm is based in Houston, is controlled by Lebanon’s Bassatne family and primarily trades crude and refined oils, bitumen and gas. Last year it opened a renewable energy division.

“This borrowing base is the foundation for BB Energy USA to achieve our next level of growth,” says the company’s chief financial officer Jacques Erni.

He adds that the firm is appreciative of “our financial institution partners and the new participants in this facility, which underscores their strong level of confidence in our capabilities and augurs well with our strategy towards diversification and injection of fresh liquidity into our platforms”.

As digital agent, Komgo says it “increases visibility by connecting to third-party providers, supplying real-time data and generating a comprehensive view of the company’s trading book and the collateral supporting their credit facility”.

BB Energy and its lenders will also use Komgo to securely share information. Komgo is owned by a consortium of major trade finance banks and corporates.

Caue Todeschini, ING’s head of trade and commodity finance Houston, says: “As an early investor in Komgo, it is a great achievement to lead this first-of-its-kind transaction for BB Energy.”

The launch of the borrowing base facility comes around a month after BB Energy refinanced its one-year revolving credit facility, worth US$210mn.

ING was also a mandated lead arranger and bookrunner on that deal, alongside Natixis, Société Générale and UBS.