Swiss-based energy trader MET Group has signed a €1.1 bill borrowing base facility (BBF) for its Sales and Trading operation.
This loan demonstrates the confidence of banking partners in MET’s integrated business model, the company claimed.
It was structured and led by ING Bank, as co-ordinator, security and facility agent, joined by Coöperatieve Rabobank, Natixis CIB and Société Générale, as active bookrunning mandated lead arrangers, which were backed by a pool of 13 additional international banks.
The facility includes an accordion option to increase the amount up to a maximum of €1.7 bill, to allow MET to accommodate further volume growth, or changes in market structure and environment.
MET’s experience in recent years clearly demonstrated the importance of adequate, scalable and efficient funding solutions in gas, LNG and power trading, it explained.
As a main financing vehicle of MET’s sales and trading operation, the funds will particularly supporting LNG imports, the storage and sale of natural gas in Europe and beyond.
Sven Kirch, MET Group’s CFO, commented: “I am very pleased with the outcome of our new borrowing base facility and the terms we have achieved with the pool of our banking partners.
“The BBF is reflective of the progress MET has made not just in terms of financial strength but also continues to recognise the clarity of our approach to risk management and the growth trajectory we continue to be on.
“We are looking forward to building on our track record and playing our role in resolving the energy trilemma of energy security, de-carbonisation and cost,” he said.
