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Bank Syndicate Expands Credit Facility to $745MM for Six One Commodities

September 29, 2022, 07:50 AM
Filed Under: Commodities Trading

Six One Commodities closed a $745 million, one-year revolving borrowing base credit facility. The Facility was expanded from $540 million by its existing financial institutions, a globally diverse group of six European, North American, and Asian financial institutions. The Facility has a $255 million accordion feature available for a total of $1 billion to support future growth.

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

“We are again grateful for the continued strong support shown by our existing lenders,” Benjamin Sutton, 61C’s CEO, said. “With the global energy markets in a highly volatile state, access to liquidity is the key component of a physical commodity merchant. This further expanded Facility positions 61C for continued growth to be a leading merchant in the physical energy commodity markets for years to come.”

“Financial institutions are faced with difficult choices in this challenging and volatile operating environment. So, this successful syndication was a meaningful accomplishment for the 61C team in what is a cautious moment for capital providers,” said Matthew Rosetti, Managing Director, Head of Trade & Commodity Finance North America for ING.

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