The Abu Dhabi Exports Office (Adex) has backed another deal for energy trader BGN, leading a US$232.5mn revolving credit facility that involves 10 financial institutions from the United Arab Emirates.

The financing, which was originally set at US$100mn, was closed at more than double the launch amount.

Adex and First Abu Dhabi Bank (FAB) led the syndicate of UAE-based banks, while Abu Dhabi Commercial Bank (ADCB) acts as facility agent.

Other participating lenders include Ajman Bank, Arab Bank, Commercial Bank of Dubai, Emirates NBD, Mashreqbank, National Bank of Fujairah and the National Bank of Ras Al Khaimah.

A spokesperson for the energy trader tells GTR that the agreement has two tranches, one for general corporate purposes and one to support the export of energy commodities from the United Arab Emirates.

The Adex-led facility also consists of a murabaha tranche to accommodate Islamic banks alongside conventional financing, a structure that “marks a watershed in regional trade finance”, BGN says.

Rüya Bayegan, group chief executive of BGN, says the energy trader is strengthening financial partnerships in the Middle East and other regions to empower its global business expansion and trading growth.

“The flexible terms and innovative structure of this facility provide a welcome addition to our diversified international liquidity base, Bayegan says, adding: “This expanded RCF demonstrates the UAE financial sector’s robust confidence in BGN’s strategic role within the region’s energy trading complex.”

BGN is active in the energy sector and trades goods such as liquefied petroleum gas, liquefied natural gas and sustainable aviation fuel, with offices in Dubai, Geneva, Houston, London, Rotterdam and Singapore.

HFW serves as legal counsel for BGN, while Reed Smith acts for the lenders. Both advised on the transaction.

In early 2024, BGN secured a US$100mn revolving credit facility from Adex, ADCB and Mashreq and said the deal would bolster its purchases of energy from the UAE.