Energy trading company BB Energy has signed its revolving credit facility (RCF) at US$200mn, tacking on an additional US$25mn since syndication was launched in May.
The oversubscribed facility has a tenor of 12 months and also contains an up to one-year extension option, at each lender’s discretion. It will be used to refinance last year’s US$175mn RCF and for general corporate and working capital purposes.
The company’s CFO Riccardo Greco comments on the signing: “As it expands its trading activities, BB Energy continues to deliver solid business and financial performance; the interest received from the banking community in this year’s RCF is the recognition of such a pattern. We look forward to developing new business opportunities with the support of our enlarging banking pool which we thank once again.”
Credit Suisse, First Gulf Bank, Natixis, Rabobank and Standard Chartered acted as mandated lead arrangers and bookrunners on the deal. They were joined by the following banks as mandated lead arrangers: ABN Amro, Abu Dhabi Commercial Bank, BHF-Bank Aktiengesellschaft, Byblos Bank, Emirates NBD, GarantiBank, HSBC, ICBC (Singapore branch), Qatar National Bank (Paris branch), Société Générale, SMBC, UBS Switzerland (which joined before general syndication) and UniCredit.
Joining as lead arrangers were: British Arab Commercial Bank, and as arrangers were: ABC International Bank, Europe Arab Bank, Crédit Agricole, Credit Libanais and Federated Project and Trade Finance Core Fund.
“As of today, BB Energy enjoys aggregated trade finance facilities with top-tier international trade finance providers in excess of US$3.3bn,” reads a statement issued by Standard Chartered.