MET Group increases RCF, attracts new lenders
European energy trader MET Group has increased its revolving credit facilities (RCF) from €560mn, signed earlier this year, to €735mn.
Included in these transactions is an unsecured 364-day RCF, which has been upped to €165mn from the previous amount of €115mn.
Group chief financial officer Marc Pfefferli tells GTR that the reason for the increase is a “significant higher trading and distribution activity, and additional financing flexibility”.
The expanded facilities will be used for general corporate purposes.
A total of 13 lenders are involved in the facilities, including four new banks: Erste Group Bank, Garanti Bank, GPB International and Natixis, says Pfefferli.
“The facilities demonstrate MET’s continuous strong access to funding sources from a wide pool of international banks and underline new lenders’ appetite to finance the natural gas marketing sector,” reads a release issue by the company.
Other lenders include the likes of Citi, Credit Suisse, ING, OTP Bank, UniCredit, Rabobank and Raiffeisen Bank.
ING acts as the facility and security agent. Law firm Clifford Chance is the lenders’ counsel.
Headquartered in Switzerland, MET is an active participant in the European natural gas, power and oil markets.
Source: Global Trade Review