MET Group, one of the fastest-growing European energy companies active in international natural gas, LNG and power markets, has signed a 1.23 billion euros Syndicated Multicurrency Secured Revolving Borrowing Base Facility. Initially launched at 1 billion euros, the Facility received strong support from both existing and new banking partners and closed after having achieved an oversubscription.
“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,” said Sven Kirch, MET Group’s CFO. “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.”
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 1.70 billion euros.
It will be used for the refinancing of MET Group’s existing syndicated 885 million euros 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.