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Energy trading conglomerate BB Energy has closed its latest one-year revolving credit facility at US$400mn, an increase of US$50mn over last year’s loan.

The proceeds will be used to refinance the maturing facility, as well as for general corporate activity.

The facility was launched in May at US$300mn and was oversubscribed by 66%, enabling the expansion and a scaling back of lenders’ original commitments. Seven new banks joined the syndication, bringing the banking pool to 31 lenders. The facility also includes an accordion feature to increase the amount to US$450mn.

Abu Dhabi Commercial Bank, Crédit Agricole CIB, First Abu Dhabi Bank, ING Bank, Mashreq, Natixis CIB, Société Générale and UBS Switzerland acted as bookrunning mandated lead arrangers (MLAs) with Banca UBAE, Citibank, Garanti Bank and HSBC also joining the new facility as early birds prior to the launch of the syndication.

Société Générale also acted as syndication coordinator, with ING as documentation agent and facility agent. Abu Dhabi Commercial Bank, Crédit Agricole CIB and Natixis CIB were also active bookrunners.

Absa Group, Arab Petroleum Investment Corporation, Banque Misr (Dubai Branch), Nedbank (London Branch) and Rakbank joined as mandated lead arrangers. Further support was received from an additional six lead arrangers, one arranger, nine co-arrangers and two participants.

Jacques Erni, BB Energy’s chief financial officer, says that the successful completion of the facility demonstrates the firm’s financial strength, with the “incremental borrowing capacity and flexibility” enabling strategic growth initiatives aimed at long-term shareholder returns.

Guillaume Van Gemert, head of energy commodities at Crédit Agricole CIB, notes that BB Energy’s ongoing upgrades to its commodity trading platform have “paid off enabling the company to raise significant new commitments from additional lenders, including in non-western jurisdictions”.