Swiss-based energy company MET Group has been awarded the “European Commodity Finance Deal of the Year” award by TXF for its Borrowing Base Facility signed in 2023.
Each year TXF, a leading commodities and trade finance news, research insights and data intelligence provider, recognises 10 outstanding transactions (TXF's Perfect 10 Awards) in the export and commodity trade finance industries. The outcome is decided by a panel of judges and peer voting.
This unique Facility was structured together with MET Group’s finance team 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. Initially launched at EUR 1 billion to refinance its previous EUR 885 million short term Revolving Credit Facility, the Borrowing Base Facility was largely oversubscribed and closed at EUR 1.33 billion from a syndicate of 16 international banks.
This new Facility provides MET with the working capital funding depth and flexibility that the Group requires to continue on its growth trajectory. A distinctive feature of the Facility is the financing of LNG imports, gas storage operations as well as distribution of natural gas and power across several European countries, and the possibility to further expand to other locations.
MET Group’s competence in natural gas and gas-based power generation helps to support the energy transition towards a net zero-carbon world. Since renewable power production is by nature intermittent, some flexibility is indispensable to balance the grid. While batteries and other longer duration storage solutions mature towards cost competitiveness, natural gas remains a key transition fuel to enable the necessary generation flexibility.
Sven Kirch, Group CFO and member of the Board of Directors of MET Group, commented: “I am very pleased with this award as it illustrates our ability to innovate and provide thought leadership not only in our gas and power sales and trading products, but also in our funding strategies. I appreciate the confidence our banking partners have in our integrated business model and our risk management capabilities. This award recognizes the excellent ongoing collaboration.”
About 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 15 countries through subsidiaries, 30 national gas markets, and 39 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 2023, MET Group’s consolidated sales revenue amounted to EUR 24.5 billion, with a total traded volume of natural gas amounting to 88 BCM and total traded electricity of 68 TWh.
About MET’s Borrowing Base Facility
The BBF was signed in March 2023 with an original volume of EUR 1.23 billion. The facility was subsequently increased to EUR 1.33 billion. Notably, the facility contains a 364-day extension option as well as accordion option to increase the total facility up to a maximum of EUR 1.70 billion.