(MENAFN- Mid-East.Info) BB energy Group Holding Ltd. – known as BB Energy – a leading and globally integrated commodities group, has signed a new USD 350 million one-year Revolving Credit Facility (RCF). The 365-day RCF will be used to refinance the maturing facility signed in 2021 and extended in 2022, as well as for general corporate purposes.
BB Energy is among the world's leading independent energy trading companies with key offices in London, Singapore, Dubai, Houston, and Athens.
The new facility was launched in primary syndication at USD 200 million on 17 May 2023 and was oversubscribed by 100%, enabling an increase in size to USD 350 million through scaling back lenders' original commitments. Seven new banks joined the RCF this year, bringing the bank pool to 27 lenders. The facility also includes an accordion feature to increase the facility amount up to USD 400 million.
BB Energy's CFO Jacques Erni stated:“We are delighted with the result of this year's Revolving Credit Facility which has been significantly oversubscribed and closed at USD 350 million. 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. Such a vigorous commitment from our banks is a testament of their enduring trust in BB Energy. It also showcases their confidence in our enhanced corporate governance structures and control processes which have been critical to our incisive growth and profitability.
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. This strongly demonstrates the strength of BB Energy's development trajectory over the last few years,” added Erni.
Gregory Lambillon, Managing Director, Head of Trade & Commodity Finance Switzerland, ING Bank NV, Geneva branch said:“Heartfelt congratulations to BB Energy team for the successful refinancing outcome and landmark transaction; notably in terms of total commitments – largely oversubscribed – and new banks coming on board. A well-thought syndication strategy across different regions, in line with the Group's global footprints.”
“ING Sector & Syndications teams are proud to have played a leading role in this process. I see it as a testimony of BB Energy's enhanced governance, resilience to market cycle, positive set of financial results, and balanced risk management framework. Looking forward to continuing our long-term partnership with the company in its different markets,” added Lambillon.
ING Bank N.V., Mashreqbank, Natixis, Société Générale and UBS Switzerland AG acted as Bookrunners and Mandated Lead Arrangers (BMLAs) with Abu Dhabi Commercial Bank, Banca UBAE, Bank ABC, Citibank, CA Indosuez, 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 Bank as Documentation Agent and Facility Agent of this new transaction.
The following banks joined the 5 Mandated Lead Arrangers and Bookrunners in the facility.
Mandated Lead Arrangers: 3
Abu Dhabi Commercial Bank PJSC
Arab Petroleum Investment Corporation (APICORP)
The National Bank of Ras Al-Khaimah P.S.C.
Lead Arrangers: 5
AKA Ausfuhrkredit-Gesellschaft mbH
Banca UBAE S.p.A.
CA Indosuez (Switzerland) SA
Citibank N.A., London Branch
HSBC UK Bank Plc
Arrangers: 3
ABC International Bank Plc
Banque MISR, Dubai Branch
Erste Group Bank AG
Co-Arrangers: 11
ABSA Bank Limited
Afrasia Bank Limited
Banque Cantonale Vaudoise
Bank of China, London Branch
Banque Internationale de Commerce – BRED (Suisse) S.A.
British Arab Commercial Bank plc
Commercial Bank of Dubai PSC
GarantiBank International N.V.
National Bank of Fujairah PSJC
Raiffeisen Bank International AGSBM (Mauritius) Ltd
Overview of BB Energy Group Holding Ltd:
BB Energy was founded by the Bassatne Family in the 1960s; with an operational history of more than 50 years. Over the last decade, the Group has expanded its trading operations from the Mediterranean and is now considered one of the leading independently owned energy trading companies, globally. The Group is primarily engaged in trading Crude, Refined Oil Products, LNG, LPG and is further diversifying into the Renewable space. While the BB Energy remains a physical trader, it has invested in midstream and downstream assets to create a platform for further international expansion.
Today, BB Energy is a dynamic independent energy trading company with key trading hubs in London, Dubai, Houston, and Singapore; and has 500 employees, including downstream, operating from 12 offices worldwide.
During 2022, BB Energy achieved traded volumes of 31 million tonnes of crude and petroleum products and gas which resulted in a turnover of US$ 24 billion.