MET Group, one of the fastest growing European energy companies active in international natural gas, LNG and power markets, has signed a EUR 1.23 billion Syndicated Multicurrency Secured Revolving Borrowing Base Facility. Initially launched at EUR 1 billion, the Facility received strong support from both existing and new banking partners and closed after having achieved an oversubscription.
This important Facility was structured and led by ING Bank N.V. as Coordinator, Security and Facility Agent, joined by Natixis CIB and Société Générale as active Bookrunning Mandated Lead Arrangers, and backed by a pool of 12 additional first-class international banks. The Facility contains a 364-day extension option, and it also includes an accordion option to increase the Facility up to a maximum of EUR 1.70 billion.
It will be used for the refinancing of MET Group’s existing syndicated EUR 885 million multicurrency revolving credit facility, to support the growth of the company’s business – especially around the import of LNG, the storage and sale of natural gas in Europe and beyond.
Sven Kirch, MET Group’s CFO commented: “2022 clearly demonstrated the importance of adequate, scalable and efficient funding solutions in gas and power trading. I am extremely pleased with the outcome of our new Borrowing Base Facility. This new facility not only marks a significant increase over our previous facility. With its innovative features, some of which are a first in the gas and power markets, it is a great illustration of the confidence our banking partners have in our integrated sales and trading business model as well as our risk management capability. We look forward to writing the next chapter of our growth story while contributing to European energy security and the energy transition.”
MET Group
MET Group is an integrated European energy company, headquartered in Switzerland, with activities and assets in natural gas and power markets. MET is present in 13 countries through subsidiaries, 27 national gas markets, and 22 international trading hubs. MET has extensive experience in operating green (renewable) and flexible (conventional) energy assets, thus providing the widest possible support to energy transition. In 2022, MET Group’s consolidated sales revenue amounted to EUR 41.5 billion (2021: EUR 18.1 billion), the total traded volume of natural gas was 109 BCM including futures (2021: 141 BCM), total traded electricity 67 TWh including futures (2021: 65 TWh).