Peninsula Completes $320m Singapore-Based Credit Facility - Peninsula360
by Liz Seyi Digital marketing managerPeninsula360,
the leading global marine energy supplier, announced the completion and renewal
of its $320 million syndicated Singapore-based credit facility. This
announcement follows the renewal of Peninsula’s European banking facility in
May of this year and, together with the group’s other bilateral lines, provides
a total funding package in excess of $1 billion. The Singapore facility was
upsized from its initial launch amount of $285 million and is future proofed
with the incorporation of an $80m accordion option increasing the total
Singapore facility to $400M once exercised.
The Singapore-based credit facility draws a parallel
with the European banking facility by the inclusion of a 2-year committed
tranche illustrating confidence by the banking sector in Peninsula’s business
model. In addition, a further three top-tier international banks have joined
the existing syndicate demonstrating the increasing appetite for Peninsula.
The renewal represents a continuation of Peninsula’s successful corporate
strategy to diversify the regional scope of its lenders to ensure that the
company’s growth ambitions can be matched by its banking partners.
John A. Bassadone, CEO of Peninsula said: “We are pleased that Peninsula’s successful business model, transparency and conservative risk management continues to resonate with our stakeholders and attract the highest quality banking partners. Our track record in securing committed funding and further diversifying our banking portfolio puts the group in a very strong position to deliver and exceed our strategic objectives ahead of time, especially as the group has already outlined its commitment to the ESG agenda in our sector”.
Peninsula mandated HSBC as Arranger and Facility
Agent with UOB and Citibank as existing participating lenders to the Singapore
facility. Lloyds, Mashreq Bank and Arab Banking Corporation
(B.S.C.) comprised the new lenders to the syndicate.
Tom Francisco, CFO of Peninsula added: “Peninsula’s reputation is synonymous across the banking community with executing a clear strategy from a risk-averse global platform. Supporting this with strong corporate governance ensures that we attract high-quality banking partners committed to support the group’s growth plans. It is another strong vote of confidence that we have been able to double the number of participant banks in our Asian syndicate whilst considerably increasing the overall liquidity available”.
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information visit our website: https://www.peninsula360.com/
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Created on Dec 23rd 2021 23:53. Viewed 161 times.