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ING Capital, Wells Fargo, Others Arrange $540MM Revolver for Six One Commodities

October 28, 2021, 07:00 AM
Filed Under: Commodities Trading

Six One Commodities LLC (“61C”) successfully closed a $540 million one-year revolving borrowing base credit facility. The Facility was significantly oversubscribed with an initial launch of $450 million, including commitments received from a globally diverse group of six European, North American, and Asian financial institutions.

The Facility increases the current revolving credit facility by $315 million and has a $60 million accordion feature available to support future growth.

ING Capital, Wells Fargo Bank, and MUFG Bank, are Joint Lead Arrangers for the Facility. Other banks joining the facility are HSBC Bank USA, Societe Generale, and Coöperative Rabobank. The Facility will continue to be used to provide liquidity for 61C’s growing business.

“We appreciate the strong support shown by our existing lenders, as well as the four new banks who have contributed to our credit facility. The facility’s oversubscription is a testament to the markets’ confidence in our portfolio, business model, disciplined operations, and growth strategy,” Benjamin Sutton, 61C’s CEO, said. “The expanded credit facility, coupled with the continued commitment from Pinnacle Asset Management, positions 61C for continued global growth and expansion as a leading merchant in the physical energy commodity markets for years to come.”

“With the energy markets in a continued heightened state, access to liquidity is ever more important and the lifeblood of a physical commodity merchant. We appreciate the opportunity to lead this transaction and look forward to further expanding our relationship with Six One Commodities on a global basis,” said Matthew Rosetti, Managing Director, Head of Trade & Commodity Finance North America for ING. “Six One is now well-positioned to expand its presence in the North American market and we were pleased to see their operating capabilities and growth potential validated by the very strong demand from our syndicate partners."

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