The transaction, which will be used for working capital and general corporate purposes, was oversubscribed and upsized by €150mn from the previous facility, extended in December 2017. The new deal comprises a €607.5mn secured and a €277.5mn unsecured RCF with a 364-day tenor and evergreen extension options.
MET has also introduced new carve-outs that “open the door for a potential debut debt capital market transaction”, says MET’s head of group treasury and corporate finance, Marc Pfefferli.
The transactions follows MET’s debut unsecured three-year term loan closed in May 2018 that was subsequently upsized to €74mn in October last year. The company, which has activities in the natural gas, power and oil markets, now has access to a total of €959mn in syndicated short and medium-term credit facilities.
“This highly successful transaction will support MET in its long-term growth strategy,” says Pfefferli. “It is now almost reaching the €1bn bar, having more than doubled in size over the last three years.”
ING acted as the facility and security agent. Lenders included: ABN Amro, Citi, Credit Suisse, Deutsche Bank, Erste Group Bank, GarantiBank International, Gazprombank, GPB International, HSBC Trinkaus, ING, Natixis, OTP Bank, UniCredit, Rabobank and Société Générale. Lenders’ counsel was Mayer Brown.
Source: Global Trade Review